What it does is add a system-wide hotkey to open Terminal as an overlay. The problem is it doesn’t work in Snow Leopard.
A little investigating implied that the problem was that SIMBL is not updated for 64-bit. So the trick is to simply “Get Info…” on Terminal and have it launch in 32-bit mode…
Now if only Logitech Control Center worked in Snow Leopard. I know the application is suck, but I’m getting tired of weird finger yoga to get at the control key on my Logitech DiNovo Mac Edition Keyboard. 🙁