I am having the same problem. I purchased the first episode of LOST from iTunes then downloaded to PC and sync'd to iPod. I have both the HD and SD formats. I can hear the Podcast just fine on my iPod, but there is no video. I was able to download and watch a movie last weekend, so I know the video portion of the iPod is in working order.
This is under "TV Shows", not under PodCasts, so I didn't subscribe, I just choose to purchase an episode to try it out. Also - I have checked and have the latest version of the software.
Message was edited by: pdmapes