Here is my two cents...
101.1 on the dial reminds me of a cursed resturant location: one where establishments come and go every 6 months. The music wasn't that bad toward the end (what little that i've been able to hear it since I live out of range of that station), but not great either. Any format that Equity brings to 101.1 is going to have a strike against it: a low power stick. Sure, it will be a decent signal in the immediate Little Rock metro, but try to hear the station in the outlying areas (Pine Bluff, Stuttgart, or even Hot Springs). Yes there are larger stations that are flowdering (ie 103.7) but the "format of the month" is getting a little old folks. "Jack FM" from what I know is a very trendy format that will be gone quickly joining the ranks of "jamin' oldies", "70's formats" of the 1990's, and the post-Nirvana "modern rock" clones that bloomed for a few years.
As for John Lee, not sure he will jump back to a station with a much smaller signal, then again, the guys at Archway have already done their "magic" to the Oldies station on 106.3 (generic sat/voice tracking) replacing the weekends.
Its anyone's guess what will pop up on the fomer 'DRE/River/WB101