My experience wasn't so simple. Griefs: coloring, git support problems, bash aliases. I'm sure there's a way to get it to work, but I wouldn't call it a full featured shell out-of-the-box; at least, it doesn't really compare with Terminal.
For git I use Magit, I don't have any bash aliases, and anything I would normally see coloring in when using bash in a real terminal has a full-fledged Emacs analog.
My experience wasn't so simple. Griefs: coloring, git support problems, bash aliases. I'm sure there's a way to get it to work, but I wouldn't call it a full featured shell out-of-the-box; at least, it doesn't really compare with Terminal.