A top-down terminal

Try Visor (now renamed to TotalTerminal)

It provides a nice "top-down" terminal like you can find in fps game and also some other enhancements.

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TotalTerminal is a plugin for the default Terminal application.

TotalTerminal SShot

Visor was renamed as TotalTerminal.

Update: I use iTerm2 now, which has dropdown terminal option in preferences.

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