I am having a strange issue with iTerm2, in terminal vim (non-gui) and the solarized color scheme. First, I have set iTerm2 to use the dark solarized colour scheme.
Bill Turner's answer works, but there is a way to get the colors to match MacVim exactly. Solarized has support specifically for iTerm2, among other terminal emulators.
colorscheme solarizedThis should set the vim colors in iTerm2 to be exactly as they are in gui editors.