There are alot of online radio stations out there. And plenty of Hip-Hop ones too.
The thing that I think seperates this one from the rest is that it is a "community online radio station" (I think).
This could prove to be a very good idea if they become Hip-Hop orientated for a few reasons. The first probably being that the DJ's are going to be Hip-Hop heads that are into their tunes, so the music selection will be alot better than yer normal commercial stations that play MTV.
Can't hurt. The more outlets for artists the better.