As of Mac OS X Lion 10.7, Terminal includes exactly this functionality as a Service. As with most Services, these are disabled by default, so you'll need to enable this to make it appear in the Services menu.
System Preferences > Keyboard > Keyboard Shortcuts > Services
Enable New Terminal at Folder. There's also New Terminal Tab at Folder, which will create a tab in the frontmost Terminal window (if any, else it will create a new window). These Services work in all applications, not just Finder, and they operate on folders as well as absolute pathnames selected in text.
Keyboard shortcut not working
Tried installing the new version of XCode, but then uninstalled and just installed the command line tools from here:
https://developer.apple.com/downloads/index.action#
Finally got homebrew installed, but still have warnings:
rdominguez5359:local racheledominguez$ brew doctor
Warning: /usr/local/include isn't writable.
This can happen if you "sudo make install" software that isn't managed
by Homebrew.
If a brew tries to write a header file to this directory, the install will
fail during the link step.
You should probably `chown` /usr/local/include
Warning: /usr/local/share isn't writable.
This can happen if you "sudo make install" software that isn't managed
by Homebrew.
If a brew tries to write a file to this directory, the install will
fail during the link step.
You should probably `chown` /usr/local/share
Warning: Some directories in /usr/local/share/man aren't writable.
This can happen if you "sudo make install" software that isn't managed
by Homebrew. If a brew tries to add locale information to one of these
directories, then the install will fail during the link step.
You should probably `chown` them:
/usr/local/share/man
/usr/local/share/man/de
/usr/local/share/man/de/man1
/usr/local/share/man/man1
Finally installed gnuplot with
brew install gnuplot.
Gnuplot success!
