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If you spend endless hours staring at the Terminal screen, as most Unix junkies do, you'll eventually be grateful for the preference settings that let you control how Terminal looks and acts. In fact, in Leopard's Terminal 2.0, you can manage your preferences in a whole new way.
Instead of having a single set of options saved (as with other applications), Terminal now manages your options as named settings groups, allowing you to quickly apply different settings to different windows at any time using the Inspector window (Shell→Show Inspector).