Just about anything you'd use Daemon Tools for will work natively in Mac OS X without any add on software. Creating images, mounting the images as virtual devices, playing DVD or whatever from those images ... all of these things are easy to do in Mac OS X without the addition of any extra software.
The Apple DVD Player will open the Video_TS folder from anywhere on your machine, including in a virtual disk image that has been mounted.
Is there anything in particular you need to do that you can't work out how? We'll gladly help.