you are saying that once the right connection is made between the arduino and processing that the serial.print from the arduino should appear in the processing console? and that using terminal (which I am not familiar with but will give it a go ) you should see the serial.write coming from the processing sketch? Is that right?
f I run terminal I get this; Last login: Sat Feb 2 08:48:50 on ttys000
Allans-MacBook-Pro:~ angelman$ ls /dev/tty.*
/dev/tty.AngelmansiPhone-Wireles-1 /dev/tty.RadhasMacBookPro-Blueto
/dev/tty.Bluetooth-Incoming-Port /dev/tty.usbmodem1411
Allans-MacBook-Pro:~ angelman$ screen /dev/tty.usbmodem1411
[screen is terminating]
Allans-MacBook-Pro:~ angelman$