Everything (install, patch to 1.1, run) works OOTB on my macbook pro penryn with CXG 7.1.2 (Unsupported) for Mac, although I used a http://www.codeweavers.com/support/wiki/dmca. Only gripe is that it doesn't render projected shadows of detailed geometry. I also set an app specific Homeworld2.exe key in the registry with fbo and glsl enabled, as it seems to make use of some post-processing (HDR-like) in that case. Oh, and multiplayer is untested.
The game runs smoother and quieter than its osx-native PowerPC counterpart under Rosetta (which renders aforementioned projected shadows buggily and makes performance total crap) so graphics are on par and as cpu/gpu load is better with CXG it's a complete win.
For the sake of completeness, I used "-w 1440 -h 900 -mod v1.2.big" as parameters. One can also edit PLAYERCFG.LUA to change resolution to an unsupported one.
Contrary to wine folks, -nopbuffer didn't matter.
Caron Wills