Defending WPHT for a second, did the CBS management really have a choice here? Someone with the name recognition and profile of Dick Morris was willing to host a 4-hour daily talk show after your "signature" talent decides to leave (God I hate to call Smerconish that) and your station's ratings are in the tank. It's pretty hard to get lower ratings than 'PHT is getting right now, and it would be hard for Morris to actually scare more listeners away than have already switched to FM.
Personally, I think 1210 should bring back the Big Talker branding and really try to rebuild the station with the Phillies games starting again. I would say hiring a big name syndicated talent would help too, but IQ seems to have all the options that might bring more listeners to the station. 'PHT is just in a REALLY bad place right now. Baseball will help, but the station is going to have to make people want to continue to listen beyond that.