A lot of the stuff you hear on college radio stinks, I agree. But there's a lot of great music, terrific stuff that you will never hear on commercial radio. You pick and choose what you want to listen to. Some DJs have it, some don't. Some are young and shallow, some old and shallow. Some are deep. I have been DJing college radio for about 30 years and I have to say, there's no DJ who's always hot. But I know great radio when I hear it, and the only radio I've heard since the 1970's that's great is college and pirate radio. Well, occasionally some Pacifica.
Agree, WFMU (NY) is great. I work at KALX, Berkeley. We have a pretty great reputation too, and a phenomenal record collection (around 100,000 separate items). There's more than one WFMU DJ that used to work at KALX. The DJs, while having to play 4 "feature" play/hour (i.e. newly released disks/vinyl), are free to play whatever else they want. The management pressures us to not play obscenities, because of the fear of getting fined by the FCC. We also are supposed to have some diversity in our shows, but aside from that, we are FREE! You can dismiss us as pretentious, but that's unfair. If you think you can do a better job, you can join our staff, get trained and be a DJ yourself.