Today we got another nice new feature in QGIS master - a pimped out python console! The improvements were implemented by Salvatore Larosa with some hints and help from Larry Shaffer. Read on for more details!
There are a number of improvements which center around Salvatore using the PyScintilla editor widget. Probably the most significant improvements are syntax hightlighting and code completion. Here is a screeny to whet your appetite. If you are anxious to try it out and don't compile QGIS yourself, try grabbing one of the nightly builds in a day or two.
The feature still needs some tweaking but it is already usable and useful to dolts like me who can't remember the QGIS API.