With that understanding, I can say that creating a podcast is certainly a learning experience of its own accord. This can be a valuable way to keep students interested in the material we learn in social studies - it's essentially asking them to teach a short lesson, but they don't have to stand in front of the class. It would be interesting to assign teams of students a multi-media project (it could be on any topic) that would include audio, visual, and textual components.
Already-made podcasts are also useful in the classroom. There are some very unconventional podcasts out there that will really keep students' attention, and can be used to work on listening comprehension. I'm visualizing students listening in groups to a short podcast, maybe 5-10 minutes, discussing what they heard, and then creating an image or process-drama piece that embodies the author's perspective. This would have to be done with a podcast that takes a position on the topic in order to make it more interesting.
I would be lying if I said I was likely to make podcasts to use in my classroom. While students can make podcasts to deepen their understanding of a topic, it doesn't seem to make sense to invest hours to create a podcast that will be heard for 5 minutes. However, it might make sense for students whose reading skills are below grade level to have podcasts as a resource if they are struggling a great deal.