Running OS 10.5.8, and HW appears to work perfectly in software acceleration mode. The only hang up I've experienced in a Win98 bottle is that I cannot exit. That is, when I exit HW, the screen goes black and doesn't return to the desktop. I let it sit for quite a while and had to restart. Also, the WinXP bottle didn't work. I saw the Sierra and Relic intros, but the main HW menu never showed up. Just black here, too.
Edit: To avoid getting stuck w/ the black screen on exit, you might try playing HW at a resolution smaller that your actual screen. I was able to mouse over things beyond the HW window. Also, OpenGL at 32bit 1024x768 worked perfectly!