I've been searching for a long time, and I was starting to think I'd be better off looking for Sasquatch, but I finally found it. It's a free(as in beer), lightweight, stable, configurable, transparent, tabbed, command line terminal for windows. I previously posted about PromptPal , but after using it for awhile I found it to be flaky, and not worth paying for.
Anyway, it's called Console , and it's a SourceForge project. It's exactly what I've been looking for, and I highly recommend if you spend any amout of time on the command line. I downloaded the latest beta, cause I'm hardcore like that. I wanted to make sure I got all the latest goodies. Seems pretty stable so far. It looks like the project is pretty active.
One of the coolest features is the ability to plug-in any shell. So you can even configure it to run cygwin. Between this, the transparency support, mulitple tabs, and background images, I'm pretty freakin happy right now.
Just try it out, trust me. If you've been looking for something like this, then this is the one you've been waiting for.