In a huge majority of situations, the translator has better day and night coverage than the old Class IV stations, and is, of course, superior to most daytimers... particularly those on the higher end of the dial. Lots of highly directional "regional" AMs are no better with current noise levels than a nicely located translator with decent antenna height.
While a translator will not replace WNAX or kFYR, it will be better than all but one or two of the AMs in Albuquerque. I think that as many as 2000 to 2500 AMs could be eliminated if they were allowed to obtain a permanent translator license with protection.
For example, I'd take a translator on the Terminal Tower in Cleveland over 1260, 1300, 1420 and 1490. And that only leaves 850, 1220 and 1100 in that market that would outdo a translator.