I think it's clear now that Apple likes skeuomorphism. They've been using it in the design of their products for the last few years. I presume it is helpful to less technical people (especially on device like the iPad which is attracting a lot of new and older computer users).
They use this same radio design on the iPod nano radio (the first nano with a video camera). On that it's actually inconvenient and hurts the design. In this case I don't thin it really impacts either way.
My biggest issue with this design, unlike say, the leather bound Address Book, is that it's tied to a technology that the generation Apple would like to appeal to have never used. It's akin to changing the App Store to having hand written floppy disks. All the teenagers that Apple would love to attract have no attachment, or perhaps not even an idea, about the object Podcasts is designed about.
I agree that it probably is helpful to less technical people, but only when those items they call back to are ones the user is familiar with. Choosing a reel-to-reel is a terrible decision. 11 year olds today will have never known a world without an iPod. The iPod is the music player. At least Apple didn't try an iPod within an iPod, I suppose.
IMHO I think that's exactly why they do it: to create a personality for an app. Because their target group never actually used it, it creates an illusion of attraction to them and make them interest in trying out. Skeuomorphic based on present day object is not as fun since the user is already used to it. Calculator app that looks like a calculator is not fun.
I think the people this app is aimed at are not young users. They have mostly grown up with podcasts. They know what they are. I think it for older people. The kind in their 60's/70's who's first computer is an iPad. They may have enjoyed talk radio, and might enjoy podcasts if they understood them. The radio dial section of the app seems like it would appeal to them and help with their understanding of it.
In general I don't like skeuomorphism but I think in this case it makes sense. Not to everyone but certainly to older people who don't understand the idea of podcasts.
The people who have never seen a reel-to-reel tape deck are already avidly using Apple technology. They may puzzle over this aspect of the UI, but they already know how to make it work with the more familiar controls (which are also available). Meanwhile older, perhaps less technically savvy users have a real-world analog to explain what's going on in the app. So, no harm for the savvy youths, some possible benefit for the older newbies.
They use this same radio design on the iPod nano radio (the first nano with a video camera). On that it's actually inconvenient and hurts the design. In this case I don't thin it really impacts either way.