First off, both iTerm and TotalTerminal were very useful and fairly well done.

On Mac OSX Lion though, Terminal.app supports 256 colors and split pane (although only vertical stacks). I don't know what use growl gives me, but having to update it was annoying.

What I do miss from TT and iTerm is the visor mode bound to a shortcut key. Both had downsides though: TT would mess up copy and paste, iTerm would just crash sometimes, you couldn't have the visor down while typing something on another screen. All in all I decided it wasn't worth the trouble to reinstall either when I switched to Lion.