I would like to change the default settings for all podcasts.
I know you can edit each one of them individually, but I would like to change the default for all to "Download All" and keep "All episodes".
iTunes 11.1.2 adds a new dialog for changing podcast settings. Select Settings and select Defaults... to change the default podcast settings.
In iTunes 184.108.40.206 go to
Podcasts, and click
Defaults at the bottom of the list of your podcasts. Then you can set the default settings for all your podcasts (changed settings will also apply to existing ones if they're still set to default settings).