I love the idea.
I'd even participate if we could get the technology invisible enough to just be having a conversation over the internet.
The structure of one host asking a pre-arranged question then letting people speak in turn is the best one, but with some flexibility to let people interject. I think we could record for an hour and edit it down to half an hour, so the boring/disastrous/unclear parts could be removed. Long pauses on tape, or saying the wrong thing and having it go out to hundreds of listeners, would be my biggest fear in going on something like that. Editing would have to be collaborative, and respect anyone's wishes to edit their own stuff out of the final product.
We have plenty to talk about. If we go for biweekly or even monthly, we could pick the best five or ten out of every news article or sales figures talking point and just cover that. I don't think we should limit ourselves to video games though - general geek culture (technology, music, films, good websites etc.) and some political discussion would add variety.
Member interviews too - get a prominent member on, get the community to think of a few questions and ask them on air.
Trivial concern: Podcast theme music. Preferably performed by one of our members on real instruments.
Essay Pro