Wterm is an rxvt based, 8-bit clean, color xterm replacement. It contains features such as transparency, reverse transparency, background images, NeXT style scrollbars (ie., right handed, with relative slider width and click-to-position), transparent backgrounds with optional shading, and other additions.
Unlike many other efforts, wterm aims to have its changes merged back into the parent rxvt rather than forking off yet another separate terminal emulator.
Note that, as with aterm, wterm configuration may be entered in the ~/.Xresources file which may be created if you do not have one. Here are my wterm configuration entries.
Please refer to the wterm man pages for more option syntax.