My wife and I signed up for Dish Network a little over two years ago. For over twenty years my family did without a pay-tv provider. I have a htpc with a usb tuner and a Panasonic dvr recorder with hdd and a very nice rooftop antenna plus the assorted BD players and Roku boxes. We really enjoy pay-tv and while we may cut back, I don't see us quiting anytime soon. We don't watch much of the ota networks now and would miss some shows that aren't yet on Netflix or Amazon. We did, and still could go back to, a very nice set-up.
By cutting the cord, you'll save money. But unless tv entertainment means nothing to you, you'll still have spend money on it. Netflix, Hulu+, Amazon, Vudu aren't free. You'll spend money on a streaming box, ota dvr and tv series box sets. And don't foget paying for internet. It will be cheaper and more customized, but people who believe that it will free are just kidding themselves.