Disk Utility Review
Ranked in these QuestionsQuestion Ranking
Pro Native OS X support
It offers the best integration, ease of use and support with OS X.
Pro Disk image and volume encryption
You can create a disk image that requires a password to mount. It can use a different filesystem than OS X, like exFAT, that can be used to move files between Windows and OS X. Additionally, you can encrypt file volumes by right-clicking and selecting encrypt.
Con Mac only
Disk Utility is available for OSX only.