What I've heard is that they're going to a "shuffle" format, kind of like what Q101 did. It's the in thing right now.
The silver lining, such as it is, is that apparently they plan to put the old Oldies 104.3 back on when they get their digital FM setup running, so if you get a digital FM receiver you'll still be able to get it.
I really miss it - there are no good oldies stations on anymore - it wasn't even that good, but it was something. There's something to be said about being able to sing along with just about every song that ever came on there.
That being said, this new station is kinda interesting to me. Unfortunately, they seem to have a habit of putting on one good song and one shitty song - just enough to keep you on the hook to hear what's coming up next. They do have the most variety I've heard in long time. I can't think of any other fm station where you hear run dmc followed by blondie followed by nirvana....etc.