Seems like the zip files, due to the size of the files inside of them, require zip64 extensions.  OS X 10.8 ships with unzip 5.x, and v6 is the first version with that support.

The interwebs says MacPorts has a newer version, and it looks like it should possible to update via homebrew, if you tap the osx-dupes keg. I had some issues using the newer version built with homebrew, so I gave up and grabbed a copy of BetterZip and just used that.