The update don't work on the mac. The launcher doesn't work on the Mac, so I guess all of us Mac folk will will have to wait until CF releases an update.
Have you tried running the client directly from the installation? (Not really familiar with Mac, sorry if this isn't actually an option)
The launcher doesn't work, yes. But you don't have to start it through steam, just open your finder, hit ( cmd + shift + G ), type "~/Library/" in the menu that pops up then go to "Application Support" -> "Steam" -> "Steam Apps" -> "Common" -> "Starbound" and you'd find the starbound app there. Starting it from there should work (remember to remove mods though).
I'm on Mac, and it works just fine for me. But then I run the game directly out of its steamapps folder anyways.
