ConEmu

By default (started without command line params), ConEmu runs "far.exe" from it's home folder, or "cmd.exe" if Far Manager not found. Alternatively, You may specify any root command, specifying "/Cmd <App with params>" argument in ConEmu shortcut or command line.
ConEmu interface is flexible and customizable. Open Settings dialog from system menu or by Win+Alt+P keystroke.
Create new tab in ConEmu by Win+W or (+) button on toolbar. You may start any console or simple GUI applications.
You can change hotkeys on 'Keys' tab of 'Settings' dialog.
You can find more information here: Project wiki on googlecode