They play a heap of awesome new music, both signed and unsigned. There’s ‘classic’ stuff mixed in as well, like The New Pornographers, Doves and Grandaddy. It’s seriously good.
Internode offer it as a free (unmetered) stream, so whatever ISP you’re on might do the same as well. but whether they do or not, I really do recommend taking a look at this if you’re into this sort of music.
*EDIT* They’re playing Funny Little Frog by Belle & Sebastian right now! I LOVE THIS STATION!
*EDIT 2* They just played The Mountain Goats! Right now it’s Sufjan Stevens! THIS IS SO INCREDIBLY COOL!