Video may have killed the radio star, but Cyanogen and the fellows behind the MIUI ROM have revived it for the Nexus One -- the code for the FM radio hardware that's inside the Nexus One has been merged into CyanogenMod and can now be tested by the public at large (that's you and I) in the nightly builds. Do note that nightly builds are the bleeding edge and likely have bugs in them (they're nightly compilations of code and not necessarily a finished release-ready ROM).
What most interests me here is that this is all code written from scratch by the geniuses behind the MIUI ROM, and uses nothing proprietary from HTC. Gives me a big warm and fuzzy FOSS (Free Open Source Software) feeling inside. That's open. That's Android. [CyanogenMod github]