The "pixels per inch" or dpi is irrelevant.
600 x 600 pixels is the same size on a screen whether it's 72dpi or 320dpi. So, 72dpi is fine.
Just follow Apple's guidelines and make the image look great at 600 x 600... and have it be something that looks good when scaled down to smaller sizes.
Apples
guidelines on podcast images:
Create a graphic for your podcast that is easy to recognize when scaled down to 50x50 pixels. Good art communicates the value of the podcast with a simple picture and a few words. Before you create your podcast art, go to the Podcast page in the iTunes Store, click on Top Podcasts, and note which art works best and why. We recommend a 600 x 600 pixel JPG for cover art. You can also use images at the episode level.
As far as I can tell... the preview images for podcasts are automatically scaled down for the appropriate device by the iTunes store. Looking at podcast listings in the "iTunes" app on my iPhone 4, the images are all displayed at retina quality. My guess is that the iTunes store creates various thumbnails when you submit your image. Which means that they scale down your 600 x 600 image to create a 50 x 50 pixel thumbnail image that's displayed on a non-retina device, and probably a 100 x 100 thumbnail image (double the size) to be shown on retina devices. (plus other thumbnails sizes depending on the screen in iTunes)
In short, don't worry about what it looks like when viewing it in the "Photos" app or another app on your iPhone 4... just make sure it looks good at 600 x 600 on your computer, and that it still looks nice if you shrink it down to 50 x 50 with your image editing software.