Each market that converts to the PPM has this "transition" period as advertisers and radio gets used to the new system. My experience so far is that the end result has been good for radio. From a sales perspective radio reaches many more people than we ever thought. In Seattle we have stations like KRWM, KPLZ, KJR-FM and KJAQ reaching 750,000 or more people a week. That is double what anyone thought! That is good for radio.
What also appears to be true is that the stations that are "cool" to listen to or the "in" station really are not that strong. KEXP, KMTT, KUOW, KPLU and even KWJZ fit that model but in reality appeal to a much smaller loyal audience. It turns out the audience was loyal by voting for their station in a diary, but really didn't listen as much as they thought. Even worse, they actually find themselves tuning to those "uncool" mainstream stations more than they think. This seems to be holding up in most markets and it isn't just at work, but in their cars and at home.
This is particularly true of morning shows. Ryan Seacrest in LA, Matty in Boston, Kidd Kraddick in Dallas, Kent and Alan in Seattle were all thought "lame" or "washed up" In reality they have the biggest mornings cumes and AQH in the prime demos. American Idol may be lame, but lots of people watch it. Same applies to radio. Now that we know how big the audience for radio really is, radio can recapture some of its lost revenue that has gone to internet and newspaper models that turned out to have many fewer viewers/readers/listeners than first thought.
Just a perspective.