The Memphis station (93X) was much more Active Rock than it was Alternative. And it never got any numbers.
"The Sound" in Cincy got shafted to a MUCH weaker signal about 6 or 7 months ago, and the ratings disappeared. Bonneville only switched it and its second-tier Country station (The Wolf) because of a rumor of a new country station signing on, which could hurt their cash-cow/first-tier country (WUBE).
It was a blocking move. They've now shifted that country station BACK to the weaker frequency, where The Sound was. Unfortunately, about half of The Sounds audience did not follow them from 94.9 to 97.3, likely because there was VERY little promotion of the flip.
Anyway, if you look at places like Philadelphia, where WRFF is kicking some serious behind in the PPM numbers, and now the Boston PPm numbers are showing WBOS with a healthy share. KYSR in LA, and of course KROQ, are also BOTH doing well.
I think the opposite, PPM is great for this format, and I wouldn't be surprised to see more Alt. stations pop up, especially those like WBOS and WRFF, that tend to mix in a healthy dose of 90's product, and are slightly more friendly to female audiences as well.