Your link isn't working; apparently (based on trying to do exactly the same thing myself) MacRumors is automatically inserting an anrdoezrs.net affiliate link redirect on all links to MacMall, but the redirector is breaking, so any link you try to paste into the forums (even with a manual [ url= ] tag) just takes you to the MacMall home page.
Regardless, the product, based on the product number in the bad link, appears to be this:
http://www.buffalotech.com/products...diastation-8x-ultra-slim-portable-dvd-writer/
(Frustrating not to be able to link to it, but MacMall is selling it for $192, regardless, which is an average price; I can find it for a bit less with a quick search. Copy and pasting, rather than clicking, this link might work:
http://www.macmall.com/p/6113691 )
And the answer is that yes, it will work with a Mac (pretty much any external USB drive will), but out of the box it will only read Blu-ray data discs and burn DVDs/CDs. If you want to burn Blu-ray discs (data or otherwise) you're going to need a 3rd party burn support at this point; Toast is one option, and NTI Dragon Burn apparently also supports burning Blu-ray data discs. Neither comes with that drive, which is why it doesn't list Mac support. And if you want to play Blu-ray movies (rather than just read data discs) you're going to need to either use Windows, or one of the (non-free) Blu-ray rippers currently available, which you would use to rip the movie to your hard drive and play it from there--inconvenient.
I have a blu-ray reader that I use with one of the above apps, though I specifically got it for taking screenshots of blu-ray movies for reviews, for which the rip-screencap system works ok. Personally, if I wanted to burn blu-ray discs, I'd just get a cheap full-sized BD-burner (NewEgg has had them on sale for under $100 recently) and stick it in a cheap 5.25" external case ($30-50, depending on brand and quality), then add a copy of Toast or Dragon Burn. It'd end up being significantly cheaper than any all-in-one solution that doesn't come with Mac software, and putting together a 5.25" drive and case only takes a couple of minutes.
Weird on that MacRumors automatic-affiliate-link-generator breaking MacMall links.