I just discovered that, at least in iTunes 7, I can drag a OPML file (exported from an RSS reader or similar) onto the Podcasts pane of iTunes, and it will prompt me to verify that I do want to add all of the podcasts.
Since I update my machines, switch between multiple machines and platforms, and sometimes just add another new one often, this will at least save me some time as I prep new setups. Plus you can create your own OPML file to share your podcast list with friends ... unless you're embarrassed about your podcasts.
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Mac OS X Hints
http://hints.macworld.com/article.php?story=20060918125537929