You can run the included bash script to install or update your preferences. Note that iTerm.app could overwrite your preferences when it exits so there are some checks to make sure it's doing it's work cleanly.
Note that these settings assume that the Inconsolata font is already installed. To download and install, simply:
# install nicer coding font (click "install" when prompted) font=Inconsolata.otf && \ curl http://www.levien.com/type/myfonts/$font -o /tmp/$font && \ open -W -a /Applications/Font\ Book.app /tmp/$font && \ rm /tmp/$font && \ unset font
Click "install" in Font Book.app when prompted, then quit.
Now install the settings:
curl -L https://raw.github.com/fnichol/macosx-iterm2-settings/master/contrib/install-settings.sh | bash
Need iTerm.app? Simple:
curl -L http://gist.github.com/raw/824149/iterm2_install.sh | bash