Firstly - Congratulations! I think you three have been able to pull off a very successful podcast. Apart from the beer thing (sorry, that felt a bit forced), I believe you three work very well together and I enjoyed listening.
Suggestions:
1. Can we please work on improving sound quality. Over-all all three of you were very legible, but mic quality was a bit eh. I'd like to see that improve - It shouldn't take much more than finding a better place for your mic or trying a different mic.
2. I agree with some earlier posts about having some more structure. It should facilitate better discussion. Have a Toady update section, a QnA section (Possibly themed), a praise/hate email of the month of Toady's choosing, beer of the month, forum thread of the month+discussion, etc.
3. I'm thinking 80 minutes was a bit long. I don't think I can listen to anything for 80 minutes straight. Maybe aim of around the 60 minute mark. This will probably be better working towards as you learn how to manage the podcasts (and how to manage Toadys great rants hah).
4. Ads - First podcast I know, but do any of us fans do advertising as a career or have any experience? I think it would be great to have some advertising to help Toady through the month. If he gets 1000-5000 podcast downloads a month I'm sure there will be someone wiling to pay him x per download for him to say "This podcast brought to you by xxx - [2-liner on how you support the product]" in the intro and outro. I know a lot of podcasts do this. Though I do realize its a fairly niche market this podcast is running in.