What are the best terminal emulators for Windows?

Terminal emulators are used to access the command-line interface.

A good terminal emulator for Windows will be customizable both in its utility and aesthetics, offer lots of functionality and integrate well with Windows.

Some common things to expect from a modern Windows terminal emulator include tabs, split panes, theming, transparency, quake-style dropdown graphic mode, content re-flow when resizing the window, integration with jump lists and context menu and other applications.