Hey John,
Nyet...
$> indicates the beginning of your command-line (do NOT include it in commands you run in the Terminal).
$>which bbedit
Result:
/usr/local/bin/bbedit
Reveal it in the Finder:
$>open -R /usr/local/bin/bbedit
This is the bbedit command-line tool that comes with BBEdit – NOT BBEdit itself.
TextWrangler has a similar one called edit.
The following command is very specific and cannot simply be replaced with any old editor.
/usr/local/bin/bbedit --wait "$TEMPFILE"
By using the --wait switch the shell script employing it is paused until the document being edited in BBEdit is closed and then allowed to continue.
This allows you to edit something in BBEdit and then shoot the result to something else when the document is closed.
-Chris