Pretty much. I have a fairly comprehensive cable package (not a big deal; I can afford it), but I'm getting ready to drop it anyway after many, many nights of "500 channels and nothing I want to watch." On-Demand helps a bit, but I'm thinking that Netflix or just buying DVD / BluRay makes more sense at this point. If I price out the programming that I actually "look forward to" I'm probably paying something like $20 / hour / month (with a massive pile of crap added on for "free").
There is some value to be had for the convenience and being able to participate in the social interaction geared around the current shows, but I'm not sure it's worth it. Offsetting that, not having 500 channels of crap will probably be life-enhancing (after a period of adjustment).