On Mac OS X - the following keyboard shortcuts work by default. Note that you have to make Option key act like Meta in Terminal preferences (under keyboard tab)
alt ⌥+F to jump Forward by a word
alt ⌥+B to jump Backward by a word
I have observed that default emacs key-bindings for simple text navigation seem to work on bash shells. You can use
Meta-d to delete a word starting from the current cursor position
ctrl+A to jump to start of the line
ctrl+E to jump to end of the line
ctrl+K to kill the line starting from the cursor position
ctrl+Y to paste text from the kill buffer
ctrl+R to reverse search for commands you typed in the past from your history
ctrl+S to forward search (works in zsh for me but not bash)
ctrl+F to move forward by a char
ctrl+B to move backward by a char