I agree with this analysis. Also, keep in mind where else Wow's signal goes. From its perch near Crown King, you can hear the signal clearly through Prescot, throughout most of the Verde Valley, Sedona, and even to the southern outskirts of Flagstaff. The signal also makes it (using a radio with good distance reception) into Payson, Pine, and Strawberry. These are certainly places nowhere near as large as the Phoenix market but which do have a lot of older and retired folks living there.
My only real concern about Wow is the lack of advertisements on the station. As I pointed out in another thread, Hubbard's KAZG, which serves the market through a weak 1440 and a not-so-great translator at 92.7 mHz, still manages to have commercials even during the 2am hour when Wow doesn't have them. And KAZG skews older than Wow (no tracks released beyond 1979 are currently played there). As I also noted on that thread, I suspect that Hubbard is piggybacking KAZG as part of its combo to ad agencies that include three of the top-rated FM stations in the market: KSLX, KDKB, and KUPD.