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As far as I've been using it, it turns out to be quite useful. When you need to quickly do something in console it is already at your fingertips, but if you someday feel the need for a conventional stand-alone console you just press Command+N to open it.
I find it particularly useful because I can summon the console by just pressing alt+space instead of constantly trying to find the console with alt+tab+tab+tab ("Oh no, I just pressed tab one time too many and now landed on another Space. Again.")