You can enable a Service in the Keyboard Shortcuts System Preferences to let you open a terminal window directly to a selected folder.
Go to System Preferences » Keyboard » Keyboard Shortcuts » Services » Files and Folders » New Terminal at Folder. Or New Terminal Tab at Folder, if you want. You can create a keyboard shortcut here, too, if you're in to that kind of thing.
Right-click on any folder and the item appears in the bottom section of the contextual menu (or use your new keyboard shortcut). Works on 'package' files, too.
Note: Services do not work on sidebar items or aliases; you have to select an actual folder or file. If a bunch of Services are enabled for the selected item type, you may have to go inside the Services item in the contextual menu.
[crarko adds: We've published a number of hints over the years about ways to open Terminal from a specific folder. It's good to see that Apple payed attention to people and built it in now.]
Mac OS X Hints
http://hints.macworld.com/article.php?story=20110729034827358