I don't think it'll affect FMU because Pandora (as I understand it... I haven't been on it for a year or so and am not familiar with it's current format) draws income through advertising and web banners. Their system is also a little more complex because with every song it plays, it's referencing four others, so that may effect pricing and creating a larger overhead.
Since FMU doesn't advertise, the legal climate that effects internet streaming and AM/FM doesn't have the same sway (also another reason why DJ's don't talk about day jobs). No one is making money from FMU's broadcast, so income-wise, there's nothing to get a chunk from. So as long as they keep their ASCAP and BMI fee's in check, they can broadcast whatever they want, so long as artists are credited.
Also the big labels, like Sony/BMG, Universal and Warner don't have too much of their cash-cows played on FMU, they aren't inclined to pick fights with what they perceive as collage radio.
I imagine Donnie Ienner going over Fabio's playlist with a group of lawyers and collectively saying "what the fuck is this?"