Poderosa is very similar project, multiple tabs to run different shells, UART/putty terminals.
Actually all one need in poderosa is to add control key support as CTRL+C CTRL+Z and command lookup as those are not passed to cmd session properly.
Beside that poderosa seem to be more mature project with all those extra communication capabilities.
To my understanding Poderosa project is inactive for a very long time. I've used it extensively in the past until Console fixed the problems with 64bit Vista. Now, I am forced to use it again because console doesn't work on Windows 7 RC. Still, Poderosa has several problems and IMO console is a better solution for my needs (99% i use it to multiple tabs of Cygwin)
That is a pity with Poderosa. I hope console project will do better as it address broader range of people (cmd.exe users). I hope Console will finally get features like embedded putty terminal, RS232 connections, saving sessions and copy all (all text from buffer).