I posted a month or so ago about podcasting lectures for my Digital Literacy and Research Skills class. I was having trouble creating a feed that worked outside of iTunes due to some issues with our statewide podcasting server. I tried using OurMedia for free hosting but found it to be too slow on uploading to be useful.
David King suggested trying blip.tv as a possible host site, so I gave it a shot and it works great! Very speedy uploads and downloads. It is primarily a video hosting site so playing mp3 files directly through their interface is kind of tricky, but I was just looking for a place to put my files and post to a blog to make a feed. I had to poke around to find the direct URL for files but that was operator error as much as anything. They offer some great features like direct posting to blogs and uploading to Internet Archive that I haven't had a chance to play with but will try out in the future.
So if you're looking for a free online home for video or audio, give it a try. And thanks to DLK for the heads up.