Terminator [2] gives the possibility of having multiples terminal within the same window.

As such, it makes it easier to handle multiple terminal sessions as for instance, working in one console and monitoring another one without constantly switching from a window to another.

At the moment, Terminator is available for Ubuntu Hardy and Debian Sid. Anyhow, the source are available from https://launchpad.net/terminator/+download [3]. Once installed, you can start a new terminator session by executing terminator :).
From there, you will be able to split views either by Right-Clicking on a terminal view or by typing the following keybindings:
[3]terminator: terminator multi-view terminal

• Ctrl-Shift-E: will split the view vertically.
• Ctrl-Shift-O: will split the view horizontally.
• Ctrl-Shift-P: will focus be active on the previous view.
• Ctrl-Shift-N: will focus be active on the next view.
• Ctrl-Shift-W: will close the view where the focus is on.
• Ctrl-Shift-Q: will exit terminator.
• F11: will make terminator go fullscreen.

Enjoy!