In my opinion this wasn't a very good episode. The core issue is the same as in the early episodes, no one knows much about the articles they are discussing. So what you end up with is a group of guys randomly discussing topics with no real information. Its like overhearing a conversation at a bar.
Now granted the guys involved are fun to listen to, I really like Locutus, Oscar, Tony and Ken. But without any real insight to offer it makes me believe the audience will shrink instead of grow.
Secondly you guys don't cover mods very often. Covering mod tools is fine, but I would cover at least one mod every week to give listeners something to go download and play. You do that, they enjoy the game you recommended and you will grow your audience as well as civ4 players in general (and everyone wants that!). The highpoint of the shows so far was the episode with the Blood and Iron coverage. You covered 2 mods, got me excited to go try them and even talked with the developers. That remains the Modcast high water mark for me.
Lastly a more minor point. You may want to be a bit more aggresive with the editing. Though I love the tangents and the joking around (it wouldn't be fun without it), at the point where that exceeds the topic time something is going wrong. I suspect that may have been more apparent in this episode because of a lack of detailed information in the topics, so it will probably be fixed by covering the stuff I mentioned above.
Take it for what its worth. Im just one guy. But I definitly want you guys to succeed and I am always excited to see another modcast show up on my iPod. Im especially excited to hear seZ's interview in 2 weeks. So I don't mean to be critical, you guys are great.