On a recommendation from Mike over at YourPodcastGear.com, I purchased Sony Vegas for video Podcast creation on the PC.
Basically, create it all in Sony Vegas and then take the final product and produce a Video Podcast file using Quicktime Pro.
This week, Vegas was like $30 after rebate (BestBuy.com) and Quicktime Pro is $30 as well, so it's actually cheaper than the new iLife (and you PC users don't need to buy a new Mac).
What video Podcast am I creating? Stay tuned …