Chris,
I was able to quickly confirm there is a problem with the Mac version of l1aextract_modis (built on a 10.5.8 system)
It will take some time to investigate (or rather some time until I can get time to investigate) what the problem is.
However, you're in luck....a binary built on 10.6.8 works (at least on my 10.6.8 machine...so it *should* work for you)
Until I can resolve the problem with the Leopard build, you can use the binary I've place on our FTP server:
ftp://samoa.gsfc.nasa.gov/pub/seadas/l1aextract_modisput this in $SEADAS/run/bin/macosx_intel
Sean