Is there a keyboard shortcut to move cursor one word at a time in Terminal? I love CMD-Ö and CMD-Ä (in German keyboards). Navigating through tabs is intuitive and comfortable.

But navigating through a command already typed into the terminals a pain in the ... - especially when the command is long. Trying to modify a command - may be correcting a spelling or adding an option flag or something - takes ages, because I have to navigate by cursor and it jumps only several positions per second.

On Linux machines you can hold some keys pressed to jump whole words and such. That is much faster. Is it possible to do that on a Terminal of Mac, too?
ESC and then B moves back one word
ESC and then F moves forward one word

You can change the terminal settings to more sane shortcuts like ALT +  B and such: here's a link on how to do that http://blog.macromates.com/2006/word-movement-in-terminal/