LPOD  http://www.macupdate.com/info.php/id/14352/spark

hot key manager. system wide flexible hotkeys, and not only are you able to open terminal, you can do tons of other stuff as well.  (Version 1.5a1)

VGZ  Needs to be updated for Leopard. It will attempt to load with the new version of SIMBL, showing up in the menubar, but Terminal will crash immediately afterwards.  (Version 1.2.1)

MONDELE  This is a cool piece of software I find myself using a lot. So much, that I tracked down a hack to not have Terminal running in the background. http://log-everything.blogspot.com/2006/06/visor-dirrrrty-hack.html has step-by-step instructions for creating a hacked terminal that doesn't show in the dock.

In the features department, it would be nice to have Window Settings preferences available in Visor, rather than the kludge of doing it in Terminal, but in all, it works very well.  (Version 1.2.1)

COMPUTERNAUT  Kinf of nice, but you need to make it so that this app can open *without* having a normal Terminal window being opened at the same time, *and*, without needing to have the Terminal, in order to invoke the Visor thing.

Otherwise it's a nice idea. Good luck improving it further. Thanks.  (Version 1.2.1)