Ok, I finally got Mnemosyne running on OSX. Here are the instructions to get it working.
1) Download the binary installer for mac python v. 2.4.x
http://www.pythonmac.org/packages/py24-fat/index.html
and install
2) Download and install QT (you must use v 3.x, NOT v 4.x)
this is tricky, it took me many installs to get it working correctly, neither the binary installs nor the darwinport installs worked. You can download the source from their ftp site.
http://ftp.ftp.trolltech.com/qt/source/
If, like me, you need the snapshot, you can get it here:
http://ftp.ftp.trolltech.com/qt/snapshots/
The one that I used is:
qt-mac-free-3.3.6-snapshot-20061024.
*note: I'm on an intel mac so you may have better luck with PPC, at least version 3.3.6 is needed for intel.
a. Drag contents of file into /Developer/Qt (you will have to make this directory)
b. Edit .profile file to include the following
QTDIR=/Developer/qt
PATH=$QTDIR/bin:$PATH
MANPATH=$QTDIR/man:$MANPATH
DYLD_LIBRARY_PATH=$QTDIR/lib:$DYLD_LIBRARY_PATH
export QTDIR PATH MANPATH DYLD_LIBRARY_PATH
c. Run the following in terminal
% cd %QTDIR
% make
% sudo ln -sf $QTDIR/lib/libqt.3.dylib /usr/lib
% sudo ln -sf $QTDIR/lib/libqui.1.dylib /usr/lib
3) Download and install SIP
http://www.riverbankcomputing.co.uk/sip/index.php
% python configure.py
% make
% sudo make install
4) Download and install PyQt (you must use v 3.x)
http://www.riverbankcomputing.co.uk/pyqt/index.php
% python configure.py
% make
% sudo make install
5) Download Mnemosyne and run the following from within the directory
% python setup.py install
6) You're done! Run mnemosyne
% mnemosyne
Let me know how this works for you.