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If you don't use the Sony software to copy books to the Reader, then LRF books will have a one-off delay the first time their opened, while ePubs don't - On the other hand, ePubs tend to have more of a delay when accessing their table of contents. Otherwise, there's not a huge difference, other than the ePub 'engine' not supporting full justification when displaying, so pages have a ragged-right appearance!
Personally, I now tend to go with ePub, as I tend to use Calibre to manage my eBooks.
There are a few threads about Mac usage & you're not alone in doing so, so I expect much of the info you'll be looking for is available, but feel free to ask for any parts that are unclear.
LRF = Sony with no DRM, LRX = Sony with DRM (even the freebies from the Sony eBookstore, which are only available via their Windows "eBook Library" app.
ePub might be with or without DRM, but register the Reader with your Adobe account as a one-off (via Adobe Digital Editions on Windows) and you can then (AIUI) download (using that Adobe account id) on Mac if needed.
Note that there's a lot of titles out there where you don't need to register the Reader at all, so don't worry about it if it's not easy to get it done immediately.
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