iTerm2 Is Using the Wrong Colour Space
By sorin.ione... on October 11, 2011 15:57 (imported from Google Code)
There is a discrepancy between how iTerm2 and Lion's Terminal draw colours (see attached screenshots). The iTerm2 colours are much darker making text harder to read.
Colour Picker claims that both iTerm2 and Terminal use the same colours. Thus, I suspect that iTerm2 is using the wrong colour space.