GLterm is a replacement for the Terminal application which ships with Mac OS X. It's made to be faster, and to support more common terminal features. It supports full ANSI colors, all vt102 protocols, all DEC function keys, and a selection of useful xterm sequences. The "Big Thing" is that GLterm uses X11 .bdf fonts and renders them using OpenGL, so it's very fast . . . as long as you have a working 3D accelerator. It should work as intended on B&W G3s and up (for desktops) and on white iBooks and up (for laptops) - that is, any a machine whose 3D accelerator is handled properly in OS X.
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Finally, take a look at ALEMIA if you think you know that name of an application, but aren't quite sure.
These are applications that are newer and of potential interest, but which I haven't yet selected for permanent inclusion. Have a look, and let me know if you think they deserve to be part of the permanent collection!