I actually don't have cable/sat at the moment, and haven't for a few months. TimeWarner is the only cable option, and I've had too many bad experiences with their customer service, and there are trees all over the place, so no DirecTV. I have an antenna connected to my HD, which sometimes works and sometimes doesn't. The quality of online programming is definitely improving, though. Networks are putting a lot of shows on their websites, and you can always find other shows by googling. If you're going to stream hockey, NHL Gamecenter Live is the only way to go. I know others have had issues, but my stream has always been TV quality.
I miss TV, no question. I hate having to go to BW's to watch anything that's on Versus. You'll find that a lot of internet streams (as far as sports go) are too bad of a quality to even waste time on. The good news is that you will save some money, and you can find shows pretty easily. I'd only do it if you were planning on getting NHL Gamecenter, though.