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With this time-saving shortcut, you can open a new Terminal window from any folder simply by selecting it from the context menu.
Opening up a Terminal every time to run Nautilus as root isn't ideal, though, and luckily, technology blog GHacks has an easy way to create an application shortcut for root-enabled Nautilus instead.
There are plenty of third-party tools that will open a selected folder in the Terminal. One Hints reader found a way to do it that's built into OS X Lion.