I convinced my wife to cut cable two years ago. After an initial investment of about $500 (Antennas, Amp, Digital converters, DTV Pal DVR), we're still loving our break from cable. We used to be on Comcast's Triple Play, paying about $145 a month for TV, Internet, and home phone. With the switch, we have spent two years on AT&T's DSL - home phone (just the line) and Internet for about $40 a month. We made up for our investment in just 5 months! Since then, we're saving well over $1,000 a year.
Cable TV shows can be viewed on Hulu or other streaming sites. Our main viewing is shows like Survivor, The Amazing Race, The Office, Family Guy, The Apprentice, and The Big Bang Theory.
We also get access to the subchannels like NBC's weather channel or sports network. It's not ESPN, but it's more than enough for us. We have never once regretted our change. We get full HD broadcasts (some at even better quality than cable/dish), and we get to watch all the shows we care about. We still have a DVR to record and rewind live TV. So what have we lost? About 100 channels we never watch anyway.
Holding the fort on old games that play the same as the new ones, minus the $400 price tag.