We use Zoom to connect our hosts, and then record the output on each end from an Audio-Technica ATR2100x-USB Cardioid Dynamic Microphone (ATR Series) with Audio Hijak Pro.  We use Hindenburg Pro to convert our recordings to mp2 to send to our sound engineer, Paul Figgiani, who then does the mixing to give us a professional quality sound. 

For a 30 minute podcast, we record for 31 minutes – we very rarely restate or re-record anything.