It is very easy to create an account. A couple of clicks and your podcast is created. All you need is a microphone to do the recording. ODEO will also host the podcast for you.
Now there are a few things of interest:
1. you have your own page where you can import in your PEEPS and manage them
2. you can drop podcasts into your iTunes and create an RSS feed
3. there are many different podcasts previously created that you can browse and listen to
The down-side of things:
1. there are ads on the page
2. some of the topics to browse are questionable (but if you keep everyone on task you should have a great time with this online tool)