Jeff Clavier explains his reasoning behind being part of the investors of PodShow (which I mentioned about earlier this month). He says that basically the vision behind podcasting is a newly emerged medium that would disrupt (and go after) the $27B market of radio broadcasting advertising. And, very importantly, this vision is in the hands of people with solid background, history and authority in the field at this moment.
While I certainly can understand the above points and putting aside my subjective impression of the me-too atitude for a hyped investment, as there are a lot of high profiles VCs making this bet (prestige of the syndicate -- they cannot be wrong, can they? :)), my humble opinion is that this new medium presents some different characteristcs than the radio ecosystem such as the listening habits or the real time/live broadcasting. As such, the user profile may be totally different in this case and the supposedly disruptive innovation that podcasting may become (because it kinda changes the rules of the game) could lead to a different value proposition for a different set of market segments. And trying to quantify those market segments may get to some surprises.
Nevertheless I am sure JC et all considered all the facetes of their investment, after all it's their money involved -- all of my arguments may represent some variables that need to be worked out for making podcasting a lucrative business model, right? I would be curious though to learn more about what their challenges/objectives are for the next 12 months? :)

Dragos> You are making very valid points, and this is definitely a risky investment. I am certain that all involved will have a number of surprises along the way. And that syndicate has been mighty wrong in the past, if they were not they would not take enough risk :-).