I've only downloaded one episode of BP Radio, even though I'm a constant reader of the website, and it was to hear a specific guest. Something that would encourage me to download more often would be to take advantage of simple editing tools to offer multiple clips as opposed to the one big file (or offer the option of downloading segments or the whole). If an hourlong show has four main segments, each segment should be its own file. It introduces more choice for the listener. If I want to listen to the whole show, I'll put them in order on my playlist.
That way, the recording practices and schedule need not change, but the mode of consumption changes slightly, addressing Godin's "browsing" problem.
As far as the rest of what Godin wrote, from my experiences doing both sports talk radio and writing blog columns it seems to me they take similar amounts of time to be done properly. A well-written column of considerable length that has been researched, fact-checked, and edited for both mechanics and content could take a couple hours if I just pound it out, whereas the half-hour sports talk show I worked on in college radio usually took at least an hour and a half of pre-production and planning, then the actual half-hour performance, and then a few minutes of post-show wrapup and immediate self-evaluation.

Dead Teddy - that's something I seriously considered, but sort of split the baby on. We're working on an archive and for that, we'll have single interview segments. For the show, we put those up as a whole for multiple reasons, so they're not likely to change any time soon.

You're also dead on with the time consumption. My prep for the show is about 10:1. Add in Brad's time, additional station personnel, booking, editing, and archiving and you're nearing 40 hours a week.

I'm the opposite of Dead Teddy in that I download BPR every week. I'm in a market where BPR doesn't air (Ottawa, ON) and even if it did it's not at a time where I'd be able to listen to it as often as I like.

To me that's the power of podcasting. I can listen to programs when it's most convenient for me rather than only when they're initially broadcast.

Having the show broken down into shorter segments might be handy since I usually listen to it in chunks on my PC throughout the workday, but it's not essential.