Update: the installer described here is known to cause incompatibilities with other OSX applications. The latest version of GSVideo for mac bundles the GStreamer libs inside the library package, so there is no need for a separate install of GStreamer. If you need a system wide installation of GStreamer for OSX, please try out the one provided by David Liu. Or just use macports.
One of the main limitations for a wider adoption of GStreamer on the Mac platform is the lack of a binary package installer. MacPorts certainly offers a great help to get GStreamer compiled from the source packages on OSX, and the Songbird music player has been making significant inroads by adopting GStreamer as its main media core on the Windows, Linux and OSX platforms (the GStreamer build environment used by Songbird can be browsed online here).
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