Craig from YC here. This project is a follow-up to SpeechBoard, which was a text-based audio editor - https://news.ycombinator.com/item?id=15670827. Thanks for all the feedback there :)
We were surprised to find that many users just wanted transcripts, so Podscripter is an attempt to solve that.
Here's how it works: every time you publish an episode (or give us a file) we run it through a speech to text service. Then we split up the speakers by hand, which ends up being a fair bit of work and is why it's 24hrs instead of minutes . Then we email you the transcript.
Before I was podcasting at YC I had my own podcast and couldn't justify paying $1 a minute for transcripts. These machine generated transcripts get you most of the way there for a lot less money :)
Let me know what you think!