I grew up with a college FM station with no commercials. They had the required PSA'a and ID's every half hour, but no talking, no Top 40, and no Stairway to Heaven. Every other Led song, though.
I am a new convert to Rush after seeing a live concert on Youtube. My only exposure to Rush was Tom Sawyer. I thought that was the only song they did, listening to commercial radio. Turns out they have talent.
Were I to start a station, I would play all of the great songs commercial radio didn't play. Blue Oyster Cult had some great stuff, but we hear only Don't Fear the Reefer. Commercial radio still sucks, but they own all of the licenses, so they have a monopoly and don't have to compete for our patronage. Mention: Ten Years After, and kids go: Huh?