I couldn't drag my episodes of Bones to my iPod, but Apple says you can:
iTunes transfers the movies you rent from the iTunes Store to your iPod, iPhone, or iPad, so you can watch on the go. The device remembers where you stopped watching on your computer and picks up where you left off. You can also visit the iTunes Store on your iPod touch, iPhone, or iPad, and buy and download movies over a Wi-Fi network.
Keep in mind that if you are using a shuffle or iPod without a display, you won't be able to watch your movies and programs.
When you have a rental, you'll access your media in the RENTALS section of your library:
The area will turn RED when media is ready to expire:
You won't find the material with MOVIES or TV SHOWS. The material will be listed with a description of the program or movie and how long you have to watch the media:
The duration will change if you double-click it:
When your media does expire, your notification will look like this:
I thought this was a great option for long bus rides. (You'll need Internet to download the media, but not to watch it, so plan accordingly.) Enjoy!
Renting Movies, Apple/iTunes
Renting TV, Apple/iTunes