I've been using Audio Hijack Pro to record podcasts for years. Snapped up Audio Hijack 3 right away, and I absolutely love everything about it... minus the output latency issue Steve describes above. Live monitoring a podcast while recording is essentially impossible in version 3.01, so I'm hoping that the output buffer feature gets re-added soon.

In the meantime my only choice is to keep using Audio Hijack Pro 2, which has the proper output latency settings. Not a big deal for the short term, but after playing around with the super intuitive interface in 3, it's hard to go back.