DTerm 1.0
DTerm, from Decimus Software, sounds like a good way to get quick access to the command-line:
No matter what application you’re in, no matter what document you’re working with, just hit DTerm’s hotkey and it’ll be there for you, already set to the working directory of your current document. When you’re done, hit escape or just go on about your work, and it’ll automatically fade out, leaving your screen clutter-free.
I’ve long used scripts to do this type of thing, but DTerm works in any application. It appears to use Mac OS X’s accessibility features, rather than hacks, to determine the current context.