As part of the original Lug Radio crew and the only one not to do any sort of media since I think I'm in a position to answer this one a bit.
LugRadio was of a time. A time before the term Podcasting existed. It was part of the democratization of the media along with blogging etc that has led us to a position where anybody can really be 'internet famous' for 15 minutes. These days everyone is a broadcaster using their social media reach to share their opinions with the world. We all became the media and that's seen no where more than on 24 hour news channels that pretty much rely on our social media output to fill the gaps in breaking news for right or wrong.
I guess the takeaway from that whole experience is if you want to see something like LugRadio then make something like LugRadio. Start broadcasting your opinions and thoughts in a more structured way. Grab a couple of mates and do a podcast or a vlog and grow something of your own.
It's been said time and time again that it was the community that made LugRadio and the presenters are a tiny minority in that. I remember when the Scottish lads did their show and I was almost in tears because it was so cool I'd inspired people I really liked to do something similar and from then on everytime the community did something new I had a really strong emotional response to it. So if you are truely jonesing for a LugRadio return then create something that fills that void in your life and hope that it gathers a small community of like minded people so you can experience.