Debating format choice or personal opinion about whether anyone listens to a station is a complete waste of bandwidth. Were we all on the same page, there would be, maybe, 3 stations, all playing variations of the same thing. DXing would be a lot of fun then, eh?
LPFM will likely be an irritant for awhile. The proponents have been all over this thing, figuring they'd offer the alternative that the big, bad, greedy corporate broadcasters would not.
The reality is that all of these LPs will have to survive on donations, subscriptions, volunteers and/or the personal finances of their Boards. Rents will need to be paid and the power company is not likely to be philanthropic. In many cases, other than maybe church-operated stations, keeping staffs together, Boards happy and finances coming in will turn out to be a complete nightmare. For many, this will get old very quickly.
The stations that run on a computer out of someone's closet will be cheaper to run, but will still require the attentions of their operators, all for little to nothing.
Yes, there will be exceptions, but I suspect those will be the fractional minority.
As has been noted, LPs will likely descend upon us like flies, but I suspect a lot of them will eventually die off. Expect to see CPs that aren't built and licenses that are off more than they're on.
A lot of people are about to get a real education.