I'm giving this thread a big fat bump because the 2012 IPL season is upon us.
Last year I was drawn in and really enjoyed watching the IPL. I also picked up a cricket game for the PS3 while in England last year, which has helped me understand and appreciate the game. To say that I am excited for the new IPL season is an understatement.
A quick scan of the TV listings shows Sportsnet One (and your PVR) will be your friend for watching the matches, with coverage starting on April 4th at 8:30 am. So far, nothing comes up on Sportsnet World for IPL cricket, which hopefully suggests that Sportsnet will be making good use of the "main" networks instead of the subscription-based Sportsnet World. This is pure speculation on my part, so please share any broadcast info that you might have.
There is also a YouTube channel for the IPL broadcasts, with at least the first match queued up to show live (and a bunch of highlights from last season, etc.). This might come in handy for watching the odd match from... I don't know... work or something.
https://www.youtube.com/user/indiatimes/
And finally, here's a promo video with a tune that will get stuck in your head all day: