The more things change the more they are...eventually less different!
Apple has a patent to incorporate Am/Fm radio into the iphone 5. You can read the technicals here:
What else would you like to have incorporated into your smart phone that isn't already available. "There's an app for that", right? Heck there's probably an app for that fact that there isn't and app for that :)
Seems fitting after all of the adaptations by terrestrial radio that it would find it's way into the latest smart phone craze.
Personally, I'd like to be able to pause live radio like we can tv. That is. . .pause, record, buffer and back up. I'm sure that's on the way. How many times have you missed all of the details of what just happened on the air? I recently found myself reaching for the radio in the car to pause and rewind to catch what I missed. :) Oops. How spoiled!