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iTerm2 has few other fancy features, like horizontal and vertical splitting or Guake-like top-down terminal [0].

I've used visor/simbl in leopard and snow leopard for years to get the top-down effect in terminal: http://visor.binaryage.com/

Multi-pane input via cmd-shift-i, and saved pane/window configurations through cmd-shift-s and cmd-shift-r also come in handy.