Ubuntu :: Customizing Terminal - Changing Prompt (Maverick / Gnome)

To flesh out my *nix capability, I create new identities and give them the functionality that I liked in previous ones. I've added the "open terminal here" script, which I find invaluable. Now I want to change the prompt. This is what the terminal does right now:
ITo run a command as administrator (user "root"), use "sudo <command>".
See "man sudo_root" for details.
elliot@dan:/media/KINGSTON$

- Where do I go to shorten the prompt dramatically? I can't really think of a situation where a shorter prompt isn't better or color matters.
- How do I adios the 2 sentences that want to appear every time I open this terminal? I'm aware what sudo does.
- Instead, I would like the equivalent of a pwd command. Where would I put that?
- How do I get the output of this terminal to be simultaneously saved in a file. I do so much copying and pasting out of these terminals that I'm looking for easier ways to do it.