TextMate, ImageMagick and “Command not found”

Two days ago I did a clean install of Snow Leopard, TextMate and all the associated goodies. All was going well until I tried running my spec’s that referenced Rmagick from within TextMate. They started returning the following error:

sh: convert: command not found

This was fixed by opening TextMate’s preferences, Advanced -> Shell Variables and adding a new variable:

Variable: PATH
Value: see below.

For the curious, my $PATH is currently:

/usr/local/bin:/usr/local/sbin:/usr/bin:/opt/local/bin:/usr/local/mysql/bin:/opt/local/sbin:/bin:/usr/sbin:/sbin:/usr/X11/bin