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Re:ITerm2 2.0 by jamestnz on Tuesday July 15, 2014 @04:47PM (#8038897)
There is a tool named TotalTerminal (formerly "Visor") for the Mac which extends Terminal.app and does exactly this. I even have control-~ mapped to the behaviour. It seems pretty configurable, and hooks nicely into the prefs window of Terminal itself. You can hit cmd-opt-F to temporarily switch the current Terminal into full-screen mode, in case you need to delve into a particular task.

Screenshot: http://imgur.com/LiYdTu2 Prefs: http://imgur.com/YCDROa3

Re:ITerm2 2.0 by graffitici on Tuesday July 15, 2014 @09:14PM (#8040098)
Yes, I also used to have TotalTerminal. But I found that using iTerm from the ground up was somehow more convenient than using TotalTerminal with the regular Terminal. Don't quite remember what was the particular reason.