In general, the GOG release of this game works, as does its sister game Shogo: Mobile Armor Division (which uses roughly the same version of the Lithtech engine). Here's a general breakdown of what I've seen:
MacBook (GMA 950) - in all cases, hardware acceleration does not work, even with the DirectX runtime installed in its bottle. Works in fullscreen with 10.6, but needs a virtual desktop in 10.7. (Otherwise the screen becomes garbled.)
MacBook Air (GeForce 320M) - works with fullscreen, and with hardware acceleration turned on in 10.6.
MacBook Pro (Radeon Mobility X1600) - works with hardware acceleration supported, but fullscreen works only in 10.6; in 10.7, a virtual desktop needs to be enabled or else the screen will become garbled.
Due to some bug in the game though, rebinding keys doesn't work well; German Andres Pulido Franco's tip is needed to reassign key commands.