And since you have to copy the EFI code Apple uses to make OS X work on a non-Apple mobo (either in EFI itself or in BIOS), you are, de facto, violating both copyright and the DMCA. The odd hobbyist probably doesn't have to worry. Any company manufacturing such machines, however, will probably feel the full weight of Apple's legal team fall on their shoulders.
This is false. OS X doesn't use EFI for much. The original release on the DTK box (10.4.1) actually had a regular Intel BIOS on it and a BIOS bootloader included with the OS. You can boot newer releases (up to 10.4.8 so far, I think) by just installing that bootloader on the hard disk. It's not quite as simple as I made it sound, but yeah, that's all that's really needed. The other thing OS X uses EFI for is to set up certain video card parameters. The video cards in Apple's Intel machines have an onboard EFI plugin in their ROM. This EFI plugin allows the EFI to initialize and draw to the video card and then it makes the technical info it got about the video card available to OS X. Apparently someone wrote a kernel extension that allows use of BIOS-based nVIDIA video cards on Intel OS X, by simply querying the video card just like EFI does, and then setting up the necessary info in the OS X kernel. This should allow you to use almost any nVIDIA card on an Intel Mac as a second card (primary should work, but you won't see anything before the OS boots) or use OS X on a generic Intel box.
The main problems with building your own system appear to be a lack of drivers and the fact that Apple's updates will break your system. For everything to work out of the box, you'd need a motherboard with the same chipsets that Apple uses for north bridge, south bridge, firewire controller, sound, network, etc. Or you'd have to write your own drivers. And then when there are updates you'd have to compile your own XNU kernel and decrypt the binaries yourself, or wait for someone else to do it. You also lose the "it just works (TM)" that you get with Apple hardware+software.