Count me as a believer that "if you program it, they will come." A top quality spoken word format with strong people presenting it, is still a winner in any decent sized market. People can talk about AM being demographically impaired. but in towns like San Francisco, Boston and Detroit, well programmed AM talkers and newsers are making out like bandits with 25-54 listeners. And anyone would love to have WFAN's demos with 25-54 men in NYC.
A truly good news or talk format station with a full market coverage signal and even a modest sustained promotional budget can make it bigtime on either AM or FM in damn near any market, and draw demos advertisers want.