cdto is a very interesting tool. Basically it's a fast mini application that opens a Terminal.app window cd'd to the front most finder window.
To install "> cd to ..." copy it to your Applications folder, and then from the applications folder drag it into the Finder toolbar.
To use with iTerm or X11/xterm, using the finder get info on ">cd to ..." from it's installed location and under the section labeled "plugins" enable the proper plugin (while disabling the others).
Next time you run ">cd to ..." it should with the correct application.
What's New in This Release: [ read full changelog ]
· Lion version