I have to say, I almost gave up on modern rock radio in the last few years as stations went to tight playlists and an excess of metal and commercial crap (like Nickleback).
Add to that the demise of some very good stations, like KJQ in SLC, The Spy in OK City, The Edge and REV105 in Minneapolis and WOXY (on-air).
Recently, the format seems to have made a comeback by just going back to basics. And that's a very good thing.
I haven't had the chance to listen to many alt stations as of late, but in my town (Milwaukee), WLUM relaunched recently and they finally sound pretty good after years of horrible programming. Bigger playlist, some neat gold selections (Replacements, Primus) and even the occasional oddball track (Run DMC, Pantera, Public Enemy, Black Flag, Snoop Dogg, They Might Be Giants). They claim they ditched the consultant and took back control of the station after years of two hour rotations, bad music selections, lame syndicated morning shows (Mancow, Bob and Tom) and a track from the Beastie Boys' ancient "Licence to Ill" just about every hour. Still a bit too much grunge (at times they still sound like the "Soundgarden Station"), but they're getting there. Jocks even sound somewhat apologetic for playing Stone Temple Pilots. Nice imaging, too.
Q101 also refocused a year ago, and they sound great. I like the wide playlist.
Also tuned in to Drive 105 in Minneapolis via stream. I've always liked them, though it seems a bit neglected by ABC. They've focused their alternative approach as of late after flirting with a hard AAA direction years back.
And then there's Indie 103.1. Shows that an approach that shouldn't work on radio actually does.
I'm a bit wary of any station owned by CBS (they tend to be active rock hybrids), though I will check out KROQ and Live 105 sometime today, something I haven't done in years (I'm glad CBS is finally streaming their stations, though I wish they did this back in the 90s when their stations were actually good).