iTerm2 has the ability to use "old-school" (non-Lion) style fullscreen. Emacs can do this too:
(setq ns-use-native-fullscreen nil). iTerm2, however, allows you to keep the native OSX menu bar (the one that's glued to the top of the screen) visible while in this fullscreen mode. To be as explicit as possible, this configuration differs from a simply maximized iTerm2 because the title bar of the window (the one with the red, yellow, and green buttons) is not there.
Can this setup be replicated in Emacs? I'm using the homebrew version of Emacs, but open to other solutions.