I love the bashpodder script, and made a few modifications, and thought I'd offer them up...  I'm pretty new to shell scripting, but this seems to do the trick for me...
 
I wanted a way to keep all the downloads in folders that corresponded to their feeds even if the downloads were coming from multiple locations.  This way I can control the folder structure and also have a daily .m3u created.  There is also an .m3u dedicated for each feed as well that is updated whenever there is a new podcast, so if I want to pull up all the podcasts from a certain feed, I can do that as well. 
 
The directory names are defined in the bp.conf script by the following format...
directory@http://www.podcast.com/feed.rss
 
Other than that I simply created an ALL_M3U folder to keep the .m3u files together and everything else is the same.
 
Thanks again,
Brett Lytle