iTerm is a third party replacement for the built-in Terminal application.

iTerm has several advantages over the built-in Terminal. These include:

  • Split pane view
  • Hotkey window for instant terminal anywhere
  • Search will highlight all found words (like in Chrome and Safari)
  • Mouseless copy
  • Instant replay (can "rewind" your session in case you forgot to note/copy something)
  • Paste history
  • Growl support for notification when a process completes

Source

Related question: What is the difference between iTerm2 and Terminal?

iTerm project homepage

iTerm2 homepage

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