Podcasts on the radio?

I just read about a San Francisco Radio Station Going All Podcasts. For a while now, we’ve had traditional radio content being released in podcast form. However, this is the first time that I’ve heard about podcast created content being broadcast over the radio waves! They’re billing it as a radio station by the people, for the people. Fascinating stuff. I’m not quite sure that it’s a step forward because it takes away the time shifting, the subscribability, the ability to choose what you’re listening to when you want to, and the freedom from FCC regulation. However, it does add another sense of legitimacy to the medium, and is the start of what I think will become a trend; Radio stations mining through podcasts to look for new on air personalities.