One tip or trick per answer.
My favorite is
open .
Opens the folder you're currently browsing in Finder. You can also pass URLs, images, documents or else to open.
If you specify a program name with -a you can pass the URL, image, document or folder to that program instead, e.g. open -a Preview image.png, overriding the default program set for the filetype.
Please don't post duplicates. Search in the question like this: inquestion:this ls -l
Mac OS X specific answers only.
openfor everything: URLs, images, documents. I use it everyday. – olt Jul 6 '10 at 14:48open .opens it Finder. It's useful if you want to do something graphical. – ShreevatsaR Jul 26 '10 at 4:40