[DevNine]

Wondering if there is a way to move backwards and foward between words not just characters in the terminal ?

[Mithras]

If your inputrc is set for Emacs mode (which I think might be the default?), then escape-b and escape-f do so.
If you are using Terminal.app and have checked the box 'Use option key as meta key' under the 'Keyboard' section of the Inspector, then option-b and option-f will work.

In general:
http://www.math.uh.edu/~bgb/emacs_keys.html

[Chuckit]

Hey, I never knew it did that. Neat. (Yes, it works by default.)

[Juggle5]

You can also do ctrl-A and ctrl-E to go to the beginning/end of the line. The nice thing about these emacs commands is they work in text fields of any cocoa app!