Mac OS X Lion supports full-screen mode for most apps, something extremely useful.
You can enter and exit the full-screen mode by pressing command-shift-f (at least that works for Google Chrome, check the first comment after the post), or look for the arrows icon on the top right corner of your app window.
Terminal app supports full-screen as well, however the keyboard screenshots do not work as expected. Upon entering the full-screen mode, there isn’t an obvious way to exit it.
You will have to move your mouse/cursor to the top, wait for the menu bar to appear, and click on the arrows icon. Easy, ain’t it, if you just know where to look at!
** Edit: command-option-f also does the trick, thanks johnie.

The command to exit full screen in terminal mode is Cmd-Option-F.
They need to make this consistent. For other apps, it’s different.
For Safari, it’s Ctrl-Cmd-F
Ah that’s nice, I haven’t found it, many thanks for the comment!
If you go to the View menu option, there’s usually an option to “Enter Full Screen” or “Exit Full Screen” that will tell you the command. Took me a while to figure this out.
Hitting the Esc key will exit full-screen mode..
edit: in Safari, that is. unfortunately, hitting esc may not work for other apps, e.g itunes.
Thanks! The Exit from full screen Terminal was not very obvious.
control+command+f will enter and exit full screen mode.
Exit full-screen view
To bring an app back to the desktop, move the pointer to the top of the screen to reveal the menu bar and click the “exit full-screen” button on the far right.
The easiest way I’ve found to manage the Mac is to set the keyboard preferences (under Apple->System Preferences->Keyboard->Application Shortcuts->All Applications). I set up Lion so that “Enter Full Screen” and “Exit Full Screen” both use “”. This works for all apps I’ve tested so far. If a certain app uses a different menu name, you can add an item for the specific app to the list and add specific key commands for it.
My post was a bit mangled. The key command I use to enter and exit full screen mode is COMMAND-ENTER. It doesn’t matter what the command is, only that the command is the same, and easy to access.