Almost without exceptions, all news (#1 WTOP in DC) and news/talk and sports on FM have done marvelously. The exceptions have been either marginal signals or startups that had second string, mostly syndicate, talent.
It's the issue about marginal FM signals in the bay area that I wonder about. Frankly, I listen to KGO and KCBS on AM because they're not suceptible to the challenging topo the bay area has (unless there are repeaters). I drive a lot, and like keeping my signal from hill to hill so I can keep up with those traffic reports.

Really? Maybe because I drive a lot within the city of San Francisco, I actually find AM reception more challenging. There is heavy static and hum off and on - frequently from the overhead Muni lines (I think). FM does not seem to be susceptible to that. There are a few stations that get spotty reception depending on what part of town you're in. 105.3 fades in and out in some parts of town. 93.3 is especially bad...or used to be...I don't speak Spanish so I don't listen anymore. 98.1 fades out along Hwy 280. But most FM frequencies remain very strong as I drive around in San Francisco, the East Bay, and San Mateo County. Overall, I think all the talk about the Bay Area's "challenging topography for FM" is not particularly true anymore.
Sure - 106.9 will not have the reach that 740 does. That's why a simulcast makes more sense in the Bay Area than just moving KCBS completely to FM, as has happened in some markets.
Some of you have said that FM news will not work in the Bay Area? Why? You're not going to bring up 95.7/KPIX are you? That was a truly pitiful excuse for a radio station (though toward the end, they had two good local talk shows). KCBS is a popular and established presence here.