FM broadcast vs. streaming


What are advantages/disadvantages of FM over-the-air with a good receiver vs. the same content picked up via streaming audio? I know FM broadcast cuts off at 15kHZ and I figure streaming has compression. What's the bottom line on the sound of the one vs. the other?
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I listen to FM classical a lot via my trusty NAD tuner, and I find that it has an "air" about it that digital radio does not, especially noticeable during prime transmission times, i.e. between 12AM and 6AM. FM just sounds more alive for whatever reason.
My use of streaming I think has more to do with no announcers, no commercials. choice of music more so than sound quality...
Thanks for the diverse and interesting answers so far. I'm thinking specifically of a given FM station over-the-air vs. the streaming broadcast available on their website. I do hear the "air" present in the over-the-air broadcast but appreciate having less noise ("static?") in the streaming version. I was wondering if anyone else has tried this direct comparison.