CD digital audio ripping tool for OS X that has accurate extraction, error detection, and verbose reporting?

Solution 1:

XLD

It started out as decoder/encoder/transcoder tool but it's branched out in to ripping in recent years (version 20080812 and above have ripping features) and it supports most of your criteria:

• Uses the AccurateRip technology, comparing MD5 sums against known-good library of rips to ensure the rip was done correctly.
• Uses cdparanoia 10.2 as the ripping and error correction library. Can be used on drives that don't have Accurate Stream and utilize C2 error pointers.

(Source for above)

I can't comment on the "verbose details when errors arise" request because I've never encountered an error ripping with it.

It's free. It will multi-thread to speed up encoding of albums. And it's pretty fast. It's been my encoder/transcoder of choice for years now.