http://forums.animesuki.com/showpost.php?p=1093334&postcount=426

If you read back you will see they do not recommend the "mplayerosx" it is way out of date.

I use a additional pramater with it maily for my subs: -ass -embeddedfonts -fontconfig 
I also use -sid 0 to default to tittles on. 
All this info is just a few posts up in the thread.

PS: 
I have only been using this for a week or two but it's been good. I think I might have a problem with the Mac Mini but it has been working well with only one or two crashes (the mini is acting flaky form day one). Used VLC before but had subtitling problems.