The Microsoft Web site says,

HyperTerminal is no longer part of Windows. However, you can use Telnet. It's a simple, text-based program that you can use to connect to another computer over the Internet.
If you previously used HyperTerminal to troubleshoot modem problems, use Phone and Modem Options instead:

Open Phone and Modem Options by clicking the Start button , clicking Control Panel, clicking Hardware and Sound, and then clicking Phone and Modem Options.

NoteYou might need to provide information, such as your country or region and any special phone dialing rules, in the Location Information dialog box before you can access the Phone and Modem Options dialog box.

Ref:

Well that’s all well and good, but I use it for Terminal Emulation – and I don’t want to fork out for expensive products like Prism or Host Suite.
Now I’vew seen some posts that claim you just need to copy hypertrm.dll and hypertrm.exe from an XP machine to the vista machines system32 directory then Start > Run > hypertrm {enter}
However – You can still download HyperTerminal as an application from the people who made it (Hilgraeve ) if that link goes down CLICK HERE

This one runs quite happily on my Vista (Vista Ultimate V6.0 (Build 6000))

Note: Linux Users for a terminal console click here

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