Toggle bluetooth via AppleScript, which I use with Keyboard Maestro to toggle bluetooth via a hotkey combo

gistfile1.applescript

-- This assumes you have both growlnotify and blueutil installed. 
-- You can set the path to either/both apps in the script on line 12 and 13

-- blueutil is a command line utility to turn bluetooth on and off and is available here: 
--   http://www.frederikseiffert.de/blueutil/

-- growlnotify is a command line utility to post Growl notifications and is available when 
-- installing Growl 1.2.2 which is available here:
--   http://growl.googlecode.com/files/Growl-1.2.2.dmg


set blueutilpath to "usr/local/bin/blueutil"
set growlnotifypath to "usr/local/bin/growlnotify"
 
set sb to last word of (do shell script blueutilpath & " status")
if sb is "on" then
  do shell script blueutilpath & " off"
  set sb_status to "off"
else
  do shell script blueutilpath & " on"
  set sb_status to "on"
end if

do shell script growlnotifypath & " Bluetooth Status: " & sb_status