Matthan,
I agree about live streams, I definitely don't have the time. I like podcasts that I can listen to while I work or drive.
Regarding combat, it's definitely hard to keep it entertaining, especially when you get to higher level play and there can be more drawn-out fights. After 10, 20, 30+ fights it seems like there's only so much "narration" one can do to make it anything other than nerds doing math, but I guess if the players can keep the banter going for entertainment purposes then it wouldn't be so bad. But then again if players are talking a lot it's hard to keep things straight with the combat, I would think.
I think that's where editing happens. Griffin McElroy (The Adventure Zone) has mentioned cutting entire fights out of the podcast because while the players used their abilities and rolled some dice, nothing happened that was crucial to the plot or pacing. The other side of that is the DM can make the combats interesting (listen to Crit Juice for some set piece fights) and empower the players to own some of the entertaining portion (listen to Crit Juice again and Campaign is a great example of letting the players help carry the load of making an entertaining session).