That's one solution. If you add it to your .bashrc, it'll display the current branch in the console.
# git branch
parse_git_branch() {
git branch 2> /dev/null | sed -e '/^[^*]/d' -e 's/* \(.*\)/(\1) /'
}
$PS1="\$(parse_git_branch)$PS1"
However it's pretty limited. But there is a great project called git sh, which is doing exactly that (and much more).