What is Radio now?

I had an interesting discussion today about what radio actually means nowadays.
How does a listener actually perceive the radio station(s) they listen to?

We've all heard the debate about MP3 vs Radio and how the industry needs to compete with a device that can play a person's favourite songs in whatever order they wish, whenever they wish yadda yadda yadda.
The general consensus is that by being entertaining and local, you have a better chance of attracting those people back to your station. Give them content that they can't download and they may listen.
With that in mind...how does this strike you - are people listening to radio shows again as opposed to radio stations?
If you are a fan of Dennis Miller, do you care what station he's on? I doubt it. All you know is that he's on such-and-such a frequency at a particular time. After that, you may leave the radio tuned to that frequency and you may not. You have loyalty, not to the station, but to the show.
In the UK, people talk about the Chris Moyles Show, or in Canada The Larry and Willy Show. If these presenters were to move station, would the audience continue to listen to them at their new home or would they stay tuned to the previous station?
Is making 'The Show' and not the radio station as a whole an answer?

Just a question that came up today....