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I find it a lot easier to follow the conversation if I can see the people talking. I have tried to listen to audio only podcasts, but they require my entire undivided attention, so I might as well just watch the video.

It depends on the subject and production. If it is just then talking I usually prefer the audio version. When they add pictures and video over the discussion (like digital foundry) then I prefer the video version. Some comedy podcasts do benefit from video as well for more animated comics.