I've got a version of 7.0.017 that I've built with these settings:

VIM - Vi IMproved 7.0 (2006 May 7, compiled May 25 2006 13:13:10)
MacOS X (unix) version
Included patches: 1-17
Compiled by ned@Neds-Mini.local
Normal version with Carbon GUI.  Features included (+) or not (-):
-arabic +autocmd -balloon_eval +browse +builtin_terms +byte_offset +cindent -clientserver 
+clipboard +cmdline_compl +cmdline_hist +cmdline_info +comments +cryptv -cscope +cursorshape 
+dialog_con_gui +diff +digraphs -dnd -ebcdic -emacs_tags +eval +ex_extra +extra_search -farsi 
+file_in_path +find_in_path +folding -footer +fork() +gettext -hangul_input +iconv +insert_expand 
+jumplist -keymap -langmap +libcall +linebreak +lispindent +listcmds +localmap +menu +mksession 
+modify_fname +mouse -mouseshape -mouse_dec -mouse_gpm -mouse_jsbterm -mouse_netterm +mouse_xterm 
+multi_byte +multi_lang -mzscheme -netbeans_intg +osfiletype +path_extra -perl +postscript +printer
 -profile +python +quickfix +reltime -rightleft +ruby +scrollbind -signs +smartindent -sniff 
+statusline -sun_workshop +syntax +tag_binary +tag_old_static -tag_any_white -tcl +terminfo 
+termresponse +textobjects +title -toolbar +user_commands +vertsplit +virtualedit +visual 
+visualextra +viminfo +vreplace +wildignore +wildmenu +windows +writebackup -X11 -xfontset -xim 
-xsmp -xterm_clipboard -xterm_save 
   system vimrc file: "$VIM/vimrc"
     user vimrc file: "$HOME/.vimrc"
      user exrc file: "$HOME/.exrc"
  system gvimrc file: "$VIM/gvimrc"
    user gvimrc file: "$HOME/.gvimrc"
    system menu file: "$VIMRUNTIME/menu.vim"
  fall-back for $VIM: "/Applications/DarwinPorts/Vim/Vim.app/Contents/Resources/vim"
Compilation: gcc -c -I. -Iproto -DHAVE_CONFIG_H -DFEAT_GUI_MAC -fno-common -fpascal-strings -Wall -Wno-unknown-pragmas -mdynamic-no-pic -pipe -I. -Iproto -I/opt/local/include -DMACOS_X_UNIX -no-cpp-precomp -I/Developer/Headers/FlatCarbon  -O3     -I/opt/local/Library/Frameworks/Python.framework/Versions/2.4/include/python2.4 -I/opt/local/include/python2.4  -I/opt/local/lib/ruby/1.8/powerpc-darwin8.5.0 
Linking: gcc   -L/opt/local/lib -L/opt/local/lib -L/usr/local/lib -o Vim -framework Carbon      -lncurses  -liconv -lintl    -framework Python  -lruby -lobjc   

I'm having problems with the display of multibyte characters.

When I use 'macatsui', everything looks fine (say ":digraphs"). But then I don't get antialiased text.

gvim -U NONE -u NONE -c 'set encoding=utf-8 macatsui' -c 'set guifont=Andale\ Mono:h12'

When I use 'nomacatsui', the text looks nice and antialiased, but the characters are messed up when I use any encoding other than 'macroman', which is not an encoding that I see myself needing. For instance, the output of "digraphs" with encoding=utf-8 will show multiple glyphs where it should show single ones, and with encoding=latin1 the characters are just wrong.

gvim -U NONE -u NONE -c 'set encoding=utf-8 nomacatsui' -c 'set guifont=Andale\ Mono:h12 antialias'

See the attached pictures.

Does anyone know how to get both nice looking text and proper characters in encodings other than 'macroman'?

OK...
macatsui latin1
macatsui utf8
nomacatsui macroman
BAD...
nomacatsui latin1
nomacatsui utf8