In short:
The Objective-C language, Cocoa and the applications that Mac OS X provides developers with (not just Xcode and Interface Builder).
Slightly longer:
I love the Objective-C syntax and the countless number of functions that Cocoa provides. You can do so much stuff when writing apps for Mac OS X without even needing to write a single line of code. And you can do even more stuff when you write just really easy "glue code". And when you need to write "real" code to implement something that isn't already available in one of the frameworks, it doesn't feel so tiresome because in my opinion, writing Objective-C code is fun.
The market is interesting too, there are for example many areas where there just is software missing for the Mac so you can be the first one to make an application for a certain task which can be a great thing for a new company to jump in. The market is also frustrating though because I think nowadays people expect too much from Mac software, at least I do. Mac software not only has to be absolutely mindblowingly good in terms of the technical implementation and usability/intuitiveness, it also has to look beautiful or cool or whatever. This makes it really hard for one man software shops for example. You need to be a coder and a designer and that's said to be impossible although there are exceptions of course. Compare that to Linux for example where everyone is happy with the standard GUI tools that the GUI system of choice provides. Maybe it's not as bad as I think it is though, this is just my impression and I could be dead wrong.
I haven't done much Mac programming for about three years now but every time I develop an app in Java, C#, Ruby, C or whatever else I'm using, I catch myself dreaming about writing the app in Objective-C with Xcode instead. But then I also start thinking about the upsides of developing cross platform software instead of software that will only run on Mac OS X. I use Windows, Mac OS X, Linux and some lesser known operating systems and being able to use the apps that I write on every one of these platforms instead of just on the Mac is too nice to give up. That's why I mainly develop cross platform software these days although I do like developing for Mac OS X better.