This "season" of the podcast takes place between seasons 5 and 6 of the show, while Buffy is dead. It's essentially what happens to the gang and what leads to them doing the whole resurrection thing.
Next "season" takes place between seasons 2 and 3 of Buffy, which is interesting because I get to spend the season in Hell... But apparently I'll be around for, um... stuff. :)
So anyway, looks like episode 1 will launch at the end of September.