Here are some tips / gotcha's that I experienced while trying to get DDO working on Mac OS 10.5.8 with CW 7.2.2:
(1) Password: Keep it alphanumeric; don't use punctuation. PyLotRO and the DDO servers get confused,
(2) Start the game with a single monitor attached. You can switch to windowed mode after you've run it for the first time if you want to run multiple monitors.