I concur with Bedouin. Here we are in the third quarter of 2008, and my experience has been that SyncTERM, (now up to version 0.9.2) is STILL the ONLY telnet client for Mac OSX, (and a free one at that), which properly displays ANSI graphics on BBSes. Every other telnet client I have tried has had problems of one kind or another with ANSI display.
Up to this very day, the developer of the Mac OSX version of SyncTERM, (Stephen Hurd), continues to make improvements to the client, and is to be applauded. Hopefully, we will see a more Mac-like GUI for the program in the future. Job well done Stephen!