+1 for Console2, back when I had to use Windows at a previous job I used Console2 as it was the closest thing I could find to the linux terminal emulators I'm used to.
If you have cygwin, you can install gnome-terminal. Works perfectly ... once you get it working ;)
Yeah, good luck with that. I spent like a damn week trying to run gnome-terminal under Cygwin, and never did get it right. I'd love to hear any tips, though.