Any actual radio station's stream being included in-game would be awesome. I have a computer with speakers nearby but that doesn't mean it wouldn't be a cool feature.
However, there's probably a patent for it or something. And maybe MS/Sony doesn't want the real world seeping into their game in that way. Or maybe licensing costs would be really weird. I think talk radio would have less of those licensing issues but would also probably be less interesting to most gamers.