Getting great video for your podcast is all about controlling light and sound. The best camcorders will make it seem easy. You don't have to know everything about (or even use) all of your equipment's features. One of my favorite podcasters works with a Hi8 video camera he bought on eBay. It has a microphone input, but he hasn't even gotten around to using it yet. Apply the basics you've learned here, and your video will look greatand your audience will keep coming back for more.
Bottom line: Don't let budget stop you, buy the best you can afford, and get to work.