I just have a toolbar at the top of my window w/ an icon to gnome-terminal (as well as about 15 other programs I use often). I find I rarely have to go to the menu. I use Gnome.
A mate of mine programmed the "Windows Key" to open up an Eterm for him (he uses Enlightenment).
I reckon one big xterm window wouldn't be enough. I usually have 4-5 going here at home when I'm working on something.
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