There's always Calibre[1], but it's really bloated. It's a very powerful and capable ebook management system though, it's just not really Mac-ish.
Adobe has a very good ePub reader, called 'Adobe Digital Editions'[2] that runs on Mac, Windows and (I assume) Linux. It's an Adobe Flash/Air application and is much prettier than Calibre. If you don't mind Flash on your mac (I gave up last year), It's currently the best choice.
Thanks. Isn't ePub just zipped xml/html?
Why aren't there more choices? Seems like a wrapped Webkit would do the trick.
Or maybe people just don't read much on PCs anymore.
If you just want to read, Amazon's free Kindle.app is by far the best Mac reader. Use KindleGen[1] to convert .epub to .mobi (or scroll up, someone's already done this here).
However, be warned that it won't allow you to copy text even from an non-DRMed ebook, which is quite silly and makes it useless for anything that has code samples in it. For reading a book on screen it's pretty good though.