If you hook it up via ethernet to your Mac and use jEmplode then yes it will work on OS X. The limits are that you cannot apply a kernel upgrade to it like Hijack without a serial cable. Once Hijack is installed, it can be upgraded via ethernet using jEmplode.

Also, if you have some sort of Windows emulator or BootCamp, you can use the normal Windows software.

iTunes won't talk directly to the empeg, but you can use iTunes to rip your CDs as long as you tell it to save them as an MP3. iTunes defaults to AAC, something not compatible with the empeg.