Easy to build from readily available materials, compact and, in theory, a good candidate for low power radio.
Further reading indicated (surprise!) some disagreement on the efficacy of this approach, here are some ideas from around the web.
According to VE3SQB, software developer and webmaster for his must-visit download site, VE3SQB Antenna Design Programs, "The coaxial dipole is the best keep secret. Made out of coax, it matches closely to 50 ohms and can be set up horizontally or in an inverted V. It is very broadband for a dipole and makes a great field day antenna."
VE3SQB is so excited about this antenna that the developer created an application to easily calculate antenna dimensions and construction tips - download here: Coaxial Dipole Calculator
VK2YVA prepared a nice article using screen shots from the Coaxial Dipole Calculator to write a thorough construction article for the antenna entitled Coaxial Folded Dipole Antenna
Not so fast, says G3TXQ. In this article on Karina.net, our coax-skeptic reports "We conclude that the use of coaxial cable can reduce an element's length by something approaching the Velocity Factor of the cable. However, the penalties are significant power losses and a much reduced performance bandwidth. Finally, in anything other than a simple dipole, the size reduction is likely to be significantly less than that predicted by a simple scaling based on the Velocity Factor."
To be fair, G3TXQ's testing was in the 75MHz band and broadcast FM will likely perform better.
K3DAV weighs in to report "The Double Bazooka antenna is very popular and the following design is my slightly modified version from the original. The main difference is in the tails. The original uses an added piece of twinlead or solid copper wire. My version uses an extended unshielded portion of the center conductor for added strength, and easier SWR tuning.
As with the dipole, the feedline can be either 50 ohm coax or 400 ohm ladder line. Every comparison has shown the Bazooka to outperform a standard dipole. Now I am going to show you just how simple this antenna is to build." And he does, in his article Build A Double Bazooka Antenna (K3DAV Version) and with very nice illustrations.
Will the Coaxial Folded Dipole work for you? It seems it will only take about 6 feet of coax and and hour or so to find out!