Installing Drupal 7 from scratch using Drush
Drush is awesome. If you haven't already installed Drush check http://drupal.org/project/drush It's pretty easy to setup, just download, create an alias for it, then run and go.
One of the great features of Drush for Drupal 7 is you can do a brand new site install with two simple commands. First setup a MySQL user and database, and note the user/pass.
Then run the following, making sure to replace the user and passwords names for your local setup:
drush dl drupal-7.x
drush site-install standard --account-name=admin --account-pass=admin --db-url=mysql://YourMySQLUser:RandomPassword@localhost/YourMySQLDatabase
And boom, the script runs and you're done.
*Note: The Drupal username and password seemed to always end up as admin/admin no matter what I set them to. So, I suggest just using those and then changing them after you login to your new site.