Ver 1.1.0.0 is the old MAC wallet, and I don't recall seeing any bug reports for it, so there currently is no 1.2.0.0-beta like there is for windows.
As far as unlocking goes, when you try to send coins it should automatically ask for the wallet password, so no unlocking needed.
The LTC icon has got to go though!!! (this is what happens when stuff gets released without bug testing.......)
It will properly mine though, correct?
I believe that it will CPU mine, not sure on GPU mining (no MAC to test on to verify). The 1.1.0.0 wallets went out at the neoscrypt switch, assuming that they would work correctly, as they were paid for, to be done by someone that should have known what he was doing.
All new work is being done by someone else, as the 1.1.0.0 coder definitely didn't do any debugging before release, beyond making sure that the wallets would sync and send/receive coins.
There will be no more releases going out with the assumption that they run fine, they will all be debugged as thoroughly as possible. And we work with what we have until the debugging is done, and the next release is ready.