I love conemu, with a git-bash prompt it's about priceless. In case anyone is looking for something similar for Explorer, I've been using a program called Clover for a while.

Linking to the alternativeto page for it, since it's free, but closed source...

http://alternativeto.net/software/clover/?platform=windows

+1 for conemu. It's approach and direction seem to be different than iTerm2, but still a must have on Windows.

+1 for conemu/cmder plus git bash on windows. again, different than iterm2 but also a must have