Let's just sum this up. Cutting the cord may be fine for some people. Cable and satellite subscriptions are a lot of money, $10,000 in ten years. I tried cutting the cord myself for over a month just to see if it would work for me. It didn't. Here's why:
1) Most online video quality is far worse than HD on satellite. Dish typically streams 5-7 Mbps of MPEG4 for HD. Online is 1-3 Mbps. I felt like it was a waste to have an HD TV.
2) I was back to watching commercials, which I absolutely dread. It's tons of wasted time, which I have little of.
3) I was having to click on short clips of things, especially news, rather than having the content fed to me.
4) I lost out on college football games without the cable sports channels.
5) I love car shows, and there is virtually none on the net, and what content there is, is really low quality. It's usually just small clips. There is very little Formula 1 racing on OTA, and pretty much no road racing. There are no shows such as Chasing Classic cars, Barrett Jackson, etc.
6) Whenever there is a big national or world calamity, I like having 24 hour news on the cable news channels.
7) I like being able to turn on cable news in the background for a while at any time of day to get up to date, while doing other things.
8) I like being able to turn on the financial channels such as CNBC and Fox Business to get up to date. They do stream Bloomberg, but that channel focuses more on world rather than domestic finance.
9) When the Olympics are on, I get four channels of coverage, so I can watch some of the more obscure events. I can also use my satellite subscription at nbcolympics.com to view online videos.
10) I can use my satellite subscription to watch online content at dishonline.com.
11) I can use my Slingbox to watch content recorded on my DVR while out of town.
12) I like doing other things while watching TV, such as riding my exercise bike, and ironing cloths. Using web content, I had to interrupt that to click on a new clip far too frequently. It just wasn't practical.
In the end, it seemed like cutting the cord can be a good option for people who mainly watch movies and network TV shows, which they can get through Netflix and other sources. Unfortunately, I watch next to no network television anymore, and I only have time to watch a movie or two a month, which I get plenty through my satellite. My viewing is mainly cable TV shows. Plus did I mention, with my DVR I don't have to be bombarded with commercials?
I'm open to cutting the cord, and will re-evaluate from time to time.