I just caught this too (thanks to bilvihur's response jumping the thread back to the top of the list).
Are they still running a 4pm show? Considering their financial situation, I'd not be surprised if this 4pm show was mostly comprised of fluff, and possibly some "paid" segments.
4pm is just too early for a serious newscast... most people aren't home from work yet. Even if you happen to get out of work at 3 or 3:30, the typical "target demo 25-54 female" probably has shopping to do, errands to run, kids to chauffeur around to practices/meetings, etc. Not to mention, Albany's a city where many people don't seem to mind commuting 30 minutes or an hour to live in some of the nicer communities a little further from the city center.
I'd think a 7pm newscast would be better than 4pm. Frankly, I still think either timeslot is odd unless you're in a major market, but if you're going to go for an odd timeslot with news, go with 7pm. More people are home by that point and it dovetails nicely with network news at 6:30.