A friend complained that he didn't like having a prompt that kept changing size because it had $PWD in it, so I wrote this prompt that adjusts its size to exactly the width of your term, with the working directory on the top line of two.
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#!/bin/bash
#   termwide prompt with tty number
#      by Giles - created 2 November 98, last tweaked 31 July 2001
#
#     This is a variant on "termwide" that incorporates the tty number.
#
hostnam=$(hostname -s)
usernam=$(whoami)
temp="$(tty)"
#   Chop off the first five chars of tty (ie /dev/):
cur_tty="${temp:5}"
unset temp
function prompt_command {
#   Find the width of the prompt:
TERMWIDTH=${COLUMNS}
#   Add all the accessories below ...
local temp="--(${usernam}@${hostnam}:${cur_tty})---(${PWD})--"
let fillsize=${TERMWIDTH}-${#temp}
if [ "$fillsize" -gt "0" ]
then
	fill="-------------------------------------------------------------------------------------------------------------------------------------------"
	#   It's theoretically possible someone could need more 
	#   dashes than above, but very unlikely!  HOWTO users, 
	#   the above should be ONE LINE, it may not cut and
	#   paste properly
	fill="${fill:0:${fillsize}}"
	newPWD="${PWD}"
fi
if [ "$fillsize" -lt "0" ]
then
	fill=""
	let cut=3-${fillsize}
	newPWD="...${PWD:${cut}}"
fi
}
PROMPT_COMMAND=prompt_command
function twtty {
local WHITE="\[\033[1;37m\]"
local NO_COLOUR="\[\033[0m\]"
local LIGHT_BLUE="\[\033[1;34m\]"
local YELLOW="\[\033[1;33m\]"
case $TERM in
    xterm*|rxvt*)
        TITLEBAR='\[\033]0;\u@\h:\w\007\]'
        ;;
    *)
        TITLEBAR=""
        ;;
esac
PS1="$TITLEBAR\
$YELLOW-$LIGHT_BLUE-(\
$YELLOW\$usernam$LIGHT_BLUE@$YELLOW\$hostnam$LIGHT_BLUE:$WHITE\$cur_tty\
${LIGHT_BLUE})-${YELLOW}-\${fill}${LIGHT_BLUE}-(\
$YELLOW\${newPWD}\
$LIGHT_BLUE)-$YELLOW-\
\n\
$YELLOW-$LIGHT_BLUE-(\
$YELLOW\$(date +%H%M)$LIGHT_BLUE:$YELLOW\$(date \"+%a,%d %b %y\")\
$LIGHT_BLUE:$WHITE\$$LIGHT_BLUE)-\
$YELLOW-\
$NO_COLOUR " 
PS2="$LIGHT_BLUE-$YELLOW-$YELLOW-$NO_COLOUR "
}
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The twtty prompt in action.