I have worked in radio, mostly syndication, for over 25 years, and I've never seen a show succeed that did nothing but copy or mock another show. When you're on the air for three hours a day, five days a week, people have to want to spend a lot of time with you. Franken is smug, sarcastic, arrogant and condescending, and those are his good points. He also has a grating voice (always a big plus for radio) and likes to tell jokes that he thinks are much funnier than they are. I've talked to several talk show hosts who don't even think he's a decent guest, much less host material.
His best hope is to book as many big name celebrities as he can to fill his own personality void, but that's hardly a guarantee of ratings in radio, particularly if the celebrities go into airheaded leftist political rants. Then again, this isn't really a radio network, it's just an end-run around the campaign finance laws. It may draw an audience, particularly in urban areas (a lot of mindless leftist twaddle does well there), but I can't really see it attracting anyone other than hard-core DNC Kool-Aid drinkers.
Gee, you could be right: an expensive, around-the-clock political ad for Kerry. In that case, it will be well funded until November and fail shortly thereafter no matter who wins the election.