I had gone for a ride and noticed that my bottle was dribbling down my lip. That's when it clicked. This is because it was a "traditional" water bottle that has the nipple that pops out to open it, then you push it back in to close it. Near the base of the nipple (not through the threads in the cap as I had previously supposed) the water leaked through because there are two parts. The one that pops out to allow the water to flow and the base structure of the cap.
This problem is solved by the single-piece cap with a "jet valve" that the CamelBak Podium Bottle has. Of course that feature isn't exclusive to the Podium bottle, it's also on other water bottles - I've had a Nike water bottle with a jet valve for a few years now.
I should also note that this cap isn't great if you're a squirter. If you like to squirt water into your mouth without your lips touching the bottle, you probably aren't having a problem with water oozing out of the wrong part of the nipple and onto your chin. Likewise, it takes some work to actually squirt water out of the jet valve, so you may prefer the traditional water bottle structure.
What seperates the Camelbak Podium Bottle other cycling water bottles with jet valves is the ability to turn off the flow with a little dial on top. My Nike water bottle is missing this feature, meaning that when I transport it in a cooler or in the passenger seat of my Element, it tends to leak when it gets jarred. It doesn't spill out a lot, but it does make a bit of a mess, which is annoying.
But by turning the dial on the cap of my Camelbak Podium Bottle I can shut off that water flow and prevent the mess. However, it should be noted that you'll want to open the valve on your bottle(s) before you get on your bike, because it's hard to fumble with that shut-off dial while pedaling.
So to put it all together, if you travel with full water bottles, you'll want the Camelbak Podium. And if you're a "squirter" you won't want the Camelbak Podium. But if you're not a squirter and you don't travel, you still might like the Camelbak Podium. Just keep the jet valve open. Unless you're traveling.
P.S. I also want to credit Mike on His Bike, and his review of the podium bottle that got me thinking about water bottle technology. Or at least what determines our preferences.