OSPF has a 'hello' packet that is sent at a set interval (10 seconds by default). If a 'hello' packet is not recieved by the time the 'dead' (40 seconds by default) time limit is reached the link is considered to be down and OSPF will reconverge. This is what happens if the radio's are up but the RF portion is not passing traffic. So it will work in the way you are describing - basically the link is dead for 40 seconds, then the traffic reroutes.
Attached is a picture of my active & planned wireless backhauls. I use OSPF for the IGP.--
I survived Hale-Bopp!