First of all, newbie here. Love this forum!!
To answer the topic, I'd have to go with the New Wave on XM all the way! I've had both services since they began and enjoy FRED on XM, CH44 a lot more. It think it all boils down to your music tastes. If you like more of the mainstream songs and bands, FIRST WAVE, CH22 on Sirius may be the way to go. I find that the only times you do hear some cool lost/obscure songs on FIRST WAVE is on their specialty shows but it's just too few for me. With the likes of Richard Blade and Fred Schneider as DJ's, I just expect more. Imagine buying every mainstreem 80's/New Wave collection CD at your local record store and that's what you'll here.
I really enjoy listening to FRED, XM CH44 a lot more. Maybe 95% of the time. They play a good mixture of the hits as well as the lost, obscure and rare tracks. XM does have two great compliments to FRED with LUCY and ETHEL as mentioned before.
To get an idea of what is played on FRED/XM, click on the link below.
It's a list of FRED's 2003 or 2004 FRED ESSENTIALS countdown. They quit posting the list after that.
(
http://www.xmfan.com/download.php?id=6893)
Dont get me wrong, having either of the two services is a lot better that listening to whats played on the radio these days. For me at least.
Again, both services allow a free 3 day trial so give it a try to see what you like better.
B.