yes, the podcasts are in the iTunes Library folder so the answer to your other question is also yes.
Does iTunes download podcasts to the iTunes Music Library or another location on my computer? I have my Library on a portable hard drive that's not connected to my computer all the time. Will iTunes try to look for my drive every time it updates a podcast?
3 replies
On your C drive, for instance:
C:\Documents and Settings\{user}\My Documents\My Music\iTunes\iTunes Music\Podcasts
C:\Documents and Settings\{user}\My Documents\My Music\iTunes\iTunes Music\Podcasts
More generally if you open iTunes without your external HD plugged in, then iTunes may well reset your Library location to default. And start putting stuff there.
Where does iTunes keep podcasts?