Open Source Radio
The station is an underperforming asset owned by Infinity Broadcasting. In this news story, the new format is described as "experimental."
UPDATE: A slightly different take from an article in Business 2.0, which, while speaking highly of podcasting, says that MP3s, and not radio (online radio especially) are the wave of the future:
[D]igital music is the first big market that allows mass customization. With an iPod/iTunes or Creative Zen/Napster combination, I can create my own radio stations, sans ads. It doesn't even cost much. Companies like Napster will rent you as much music as you want for $15 a month.UPDATE 2: Not to be outdone, Sirius satellite radio announced its own podcast show, to be hosted by former MTV personality Adam Curry. The show will debut May 13.