I wouldn't be concerned that it is an add-in like Java. That's how it runs on Windows as well. Java is a similar structure, with a virtual machine that adapts the platform agnostic system calls to the specific machine it's running on. My problem with it concerns whether it produces a Mac-like application or not, and whether there is a set of development tools that works well on a Mac to achieve efficient code development and debugging. If it only produces something that runs in a terminal window, like a Windows DOS prompt window, then no thanks. Java Swing makes a passable job of providing a Mac-like GUI, but I've no idea whether anything like that exists for .NET on the Mac.
The articles I read talk about Rotor, and were actually published about a year ago, so may be out of date. Rotor is described as a research focused Shared Source Common Language Infrastructure (SSCLI).
It does have a C# compiler and a JScript.NET compiler, a VES. It has a Platform Adaptation Layer (PAL) that maps the .NET system calls either to Win32 or Unix APIs, and the MacOS build uses the Unix PAL.
According to the articles it doesn't come with ADO.NET, ASP.NET or Windows Forms, and uses Tcl/Tk to provide a GUI implementation, mainly as a demonstration vehicle, I think. So anything created using it would be very Unix-y and not very MacOS in style. I think that's the point at which I lost interest, really
Looking around now, I see that Mono is favourite, but it still looks like a steep curve just to get it installed and working as a development system. I think I'd rather do a native Cocoa translation of a tool.