Regarding screen and minicom, as awesome as they are, I would much prefer a real OS X application that is well integrated with the operating system.
I have managed Sun gear for the better part of the last decade and I have found great use of both minicom, screen and tip for remote text consoles (that is I log in to a remote host with ssh and use a the direct console connection it has to the host I am interested in.)
When I am using my laptop in the data center having a better, os integrated app is just nicer than arcane key combination (especially break sequences which are a special type of learning curve I discovered) to get stuff done and the like.
I have found while Zterm has not been updated in eons it has not really needed it since the functions it needs to perform have not really changed in the last 10 years, all those dialup days when every year a new standard for communications came out - v.32bis, KFlex, X2, v.90, Kermit, Xmodem, Ymodem, Zmodem, SLIP, CSLIP, PPP (admittedly those are used for different things.)
Having said all that though, Zterm is a PPC app which mean with Lion removeing Rosetta I will need a new app now ;-)
Cheers.