In this video Leo Laporte (who is set to make about 6 million this year with his podcast) talks about why people should start a podcast.

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Cheap

Easy

Simple.

All you need is a passion.

The cool thing about podcasting is its niche. Unlike radio which is broadcasting, podcasting is narrowcasting.

He also says you can't make money with a podcast, I disagree. You may not quit your day job, but you can make money with a podcast.

Leo's Recommendations on Equipment

Skype

Plantronics 655 headset ($30) ( recommend the Audio Technica 2100 microphone ($49)