I have had XM satellite radio for several months now and highly recommend it. (I don't know very much about Sirrus.) With XM there are plenty of music selections and really all the channels are actively and well programmed.
FRED is the name (don't ask) of the classic alternative and attempts to incorporate Goth, Punk, Industrial, Ska and New Wave into a product that those who left Top40 in the late 70's will really love.
Unfortunatly there really is a little too much for them to cover, try though they do. I'd like to hear much more new wave on the channel and would like to hear feedback on what members of this site think of the format if they are familiar.
It's nice that I'm not the last person who digs New Wave