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I have a plugin that will accomplish this, and it is about 80% complete. I'm expecting to launch it in the next day or two, so I'll comment on here to let you know.
As of build 2092 there are two new methods on the Settings object, add_on_change(key, callback) and clear_on_change(key). These accomplish the goals of this request. Thanks Jon!
When I first started using Sublime Text I was also thinking how nice it would be to have a full terminal available in the editor. After pondering the issue some more I realized integration like that leads to more of an IDE, and IDEs tend to have tons of mediocre tools, not the best of breed for each use.

Anyway, I solved the problem for myself by creating a plugin that allows launching a terminal in the folder of the current file being edited, the project folder, or any file or folder in the sidebar. It uses the standard terminal for your OS, but can be customized if you are running something custom. You can download it from

Hopefully others will find it useful too!
I created a plugin that adds key bindings to launch the most common TortoiseSVN (and TortoiseHg/TortoiseGit) windows from the file you are editing. You can grab it from and has documentation about what it does and how to use it.

I also added context menu entries, although some people have had some performance issues with them.