I chose the defaults:
/Library/Genuitec
/Library/Genuitec/MyEclipse 7.0
Contents of myeclipse.ini:
-showsplash
org.eclipse.platform
-configuration
../../../configuration
-vmargs
-Xdock:icon=../Resources/myeclipse.icns
-XstartOnFirstThread
-Xms40m
-Xmx256m
-XX:MaxPermSize=256m
-Dorg.eclipse.swt.internal.carbon.smallFonts