A few months ago (in Juny to be specific) Apple added podcasting to iTunes 4.9 and with iTunes 5 the company took a step to add support for video podcast (vodcasts).
The quiet, fanfare-less launch of video podcasting (in fact, it's not even clear when it was launched) is a bit surprising for the company, but there may be a reason: there's not too many video podcasts out there in the wild. Furthermore, video podcasts are currently only playable on your computer, although it seems clear enough that a video iPod is on the way. If you didn't believe it before, you should definitely believe it now.
For now, it looks like video podcasting content available through the iTunes Music Store is limited. For instance, Crookz, a video podcast (iTMS link) spoof of Cops, appears to be one of the few video offerings out there that's actually working. However, you can bet that webcams and DV cameras around the world will be dusted off in the wake of this news. Everyone wants to be a radio-star killing video producer, don't they?