Good FM stereo is exceptionally good. Compared to CD it has lower bandwidth and stereo separation, also higher noise and distortion - but it's still more than good enough for most music for most people. It's less damaging than 128kbps mp3 for all music with a dynamic range under 70dB.
Unfortunately someone invented
the optimod processor. This, or something similar, is used to squash the output of most radio stations prior to broadcast, in order to make them as loud as possible, and to ensure a constant loudness level which is always audible above the car engine.
BBC Radio 3 in the UK is still sometimes broadcast without processing, and the UK BBC national FM network is designed to give 99% of the population excellent reception with a roof top aerial. Most people don't use a roof top aerial, but this 50 year old system still works very well. (unlike its digital replacement!).
There are some samples here:
http://www.digitalradiotech.co.uk/digital_radio_samples.htmThe right hand column includes 4 FM samples. These were made using a single element indoor FM aerial and a £90 tuner. The pop stations show the typical processing, but listen to Radio 3.
Cheers,
David.