not if you run your shell under emacs. Running interactive processes in emacs is such a powerful model (python, bash, sql, slime, moz-repl). it makes using any of those processes signifcantly easier
Co-workers use term in Emacs to run sqlplus with libreadline-like functionality (as opposed to none). I'm sure it could add that functionality for other apps too. I just use rlwrap (a readline wrapper app) to add the functionality.