Is there any way to view full podcast title on my iPhone running iOS 4?
There is a way, Though a bit strange.

If you choose to delete the podcast/file, you will get a Confirmation dialog with Delete/Cancel option. 


Slide with your finger horizontal
over the file and it will give you
an option to Delete the file. 
Choose Delete to show the second Confirmation dialog. There, you will be able to view the full name of the Podcast.


Be CAREFUL not to choose Delete or you will loose the file. And also the full name of the podcast.