this is a good initiative. there are a bunch of free podcasts of stanford lectures available now on itunes. you can download and listen to these on your mac or pc free of charge (no need to own an ipod or other mp3 player).
i haven't listened to any of these lectures, but a cursory look at them shows it includes stuff that looks interesting.
link thanks to the san jose mercury news: http://www.siliconvalley.com/mld/siliconvalley/13044066.htm
CARDINAL ALLIANCE: Stanford University has announced an agreement with Apple Computer to produce free podcasts of lectures, student music, play-by-play of its football games and more.
There's already a ton of content in the iTunes store, including lectures from the Technology Ventures Program. (Note: You apparently can't gain access to the Stanford content directly from the iTunes store. You have go through the Stanford iTunes site first.)
Educators in many places have embraced podcasting to make their lectures more easily accessible. But Stanford's initiative seems the most ambitious.
The Apple agreement includes two sites: a public site, targeted primarily at alumni, which will include Stanford faculty lectures, learning materials, music, sports and more. A second site will be access-restricted for students, delivering course-based materials and advising content.