Gnome Terminal in 3.8 had the transparency option dropped/removed not because it wasn't a useful feature, but because implementation between new and old code was difficult.
Anyways with Fedora 19 and Gnome 3.8, there is a way to get back this feature. I ended up using the window manager cinnamon as it has advanced features of gnome, yet includes lots of the intuitive right click menu options you expect on any desktop.
sudo yum install devilspie
// Add any file in this dir ending in .ds and devilspie will process it.
// In this file add this line of code
// Terminal is what fedora uses as the name of these terminals.
(matches (window_name) "Terminal")
// Add in .bash_profile the following line. It will
devilspie -a &
Step 6: Logout and log back in.
Any new terminal console windows will now be transparent - including the menu bars.