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Macgo has released a Blu-ray player software for Mac



From TUAW:
Now, you can join the club if you have a recent Mac. Macgo is offering a software player, the first on the Mac, and you can try it free for 90 days. If you like it, it's $39.95 for what's called "a life-time version." The app also supports DVD playback. Of course you need either an external or internal Blu-ray writer that you'll need to buy and set up yourself.

I have an internal third party drive I purchased from Other World Computing, so I gave it a shot. On my Dual Core Xeon Mac Pro the app was a mixed bag. The movies I tried played, and looked great, but there was some stuttering, some macro-blocking, and a couple of flat out pauses. This happened on several movies, including Ghost Writer and the restored Once upon a Time in the West. It could be that my older hardware is the problem, or maybe the software player is just a bit flaky. There are no minimum hardware specs posted on the site.
  Blu-ray playback comes to OS X, but not from Apple