In fact, the terminals you can access on a typical Unixoid system nowadays are virtual, but not pseudo terminals. The OS presents them as /dev/ttyN, not /dev/ptyN / /dev/pts/N. xterm however will create a pseudo terminal. You can't switch among these with ALT-F<n>, since they do not necessarily have "siblings". However, you can use a terminal multiplexer like screen or tmux to archieve a similar effect. I'm using tmux within myts here on my K3.
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