tab() # new tab from current dir
{
osascript -e "
tell application \"iTerm\"
 tell the first terminal
  launch session \"Default Session\"
  tell the last session
   write text \"cd $(pwd)\"
  end tell
 end tell
end tell"
}

http://macournoyer.wordpress.com/2007/06/04/quick-new-tab-from-iterm/

Place this in your ~/.bash_profile then type tab in your terminal window to see some magic happen.

Quick new tab from iTerm

osx

Bash