At indie88.com right now you'll find a countdown to their launch on July 31st at noon. Their tagline is "giving great music a home" and this is what they're touting on their countdown page:
We're giving great music a home and want you to be part of it. Tell us what you think and wanna hear. When the countdown is over, just hang a left on the dial until you hit 88.1 FM.
Adam Thompson is the Program Director and Alan Cross is helping him as an "in house music counsellor" which he says is "a more fun term than consultant."
It all sounds promising and I'll be listening with high hopes.