Evan spoke to the business model. The main opportunities hosting (some free some more robust), publishing (some free some more pro) and enable users to charge for content (Audible sold $19mm worth of downloads last quarter). and lastly advertising (matching shows with advertisers).
Limited invite only beta coming soon.
My impression of this- Evan has a great service, I'm really looking forward to using ODEO with our new Make:Audio show in all sorts of interesting ways.
More about ODEO here and also check out their blog here.