It exists, and it’s built into Eclipse! Go to the Remote Systems view, and you’ll see an entry for “Local”. Right-click “Local Shells” and choose “Launch Shell.”
You can’t launch it directly from the project navigator. But you can right-click in the navigator and choose “Show in Remote Systems view”. From there you can right-click the parent folder and choose “Launch Shell.”
Aptana also has a Terminal view, and a command to open the selected file in the terminal.