Marco Arment, the man behind Instapaper, The Magazine, and one of the earliest employees of Tumblr, has created a podcast app for the iPhone. Marco is a regular podcast listener and claimed to never be particularly happy with any of the very popular podcast apps available, so he set out to build his own. This is Overcast.
Overcast version 1.0 was released yesterday, and after spending a good amount of time with it, I can say that it's truly excellent. It's simple, straight forward, and with a unique feature set that seems to nail the balance between capability and simplicity. The app is free, with a $4.99 in-app-purchase for additional features, which includes a unique audio processing feature called Smart Speed, which will detect silence in the audio file and skip it, allowing you to listen to a podcast more quickly without affecting audio fidelity.
Marco has done a terrific job with Overcast, and if his past work with Instapaper is any indicator, I'm certain it will only continue to get better with time.