The killer feature for me is Hotkey Windows - I set it up so that pressing Ctrl+Space from anywhere will slide out a terminal. So convenient.

http://apple.stackexchange.com/questions/48796/iterm-as-a-sl...

To be fair, you can do the same for iTerm (or any application, really) by using other tools. Quicksilver, for instance, allows you to define system-wide hotkeys.

Terminal.app has had color schemes since forever.