Not sure if this was available before 10.7, but hitting Control+T while running a command in the Terminal will show what process is executing, the load, the PID of the process and its user and kernel time.
I was running a script and accidentally hit Control+T instead of Command+T to create a new tab. I was surprised at what I got. Here is an example of what gets printed:
# buildOrder.py load: 2.51 cmd: p4 15179 running 0.00u 0.00s load: 2.23 cmd: p4 17962 waiting 0.01u 0.00s load: 2.53 cmd: Python 15167 running 94.68u 66.33s load: 2.60 cmd: Python 15167 running 150.71u 101.82s
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http://hints.macworld.com/article.php?story=20110810112318227