VLC
At P. of D.'s prodding, I gave VLC a try. Despite the horrendous website, I am happy to report that VLC is a beautiful and effective media player on OS X Tiger. It handles Ogg and FLAC out of the box, it's compact and OS X native, it has a convenient .dmg installer, and it has a really neat icon.
I only have three wishes for VLC. First, I'd like to be able to drag links to songs and playlists onto the playlist. You can drag onto the dock icon, which is almost good enough, but for a truly usable interface it should work to drag onto the playlist too. Second, I'd like it to handle podcasts. I think this is in the works and hopefully we see it in the next version, or in 1.0. Last but not least, I really wish it would remember the playlist from session to session.
I think all of the above is minor compared to the consideration that this is a beautiful, simple, native player that does Ogg and FLAC and Speex out of the box, and is free software. Oh, and it does the right thing with the following playlist:
#EXTM3U
#EXTINF:0,lam.m3u
http://lam.fugal.net/songs/lam.m3u
Think about that for a minute. Now if I could get that LAM guy to clean up a few bogus URLs in lam.m3u...