Between Hulu, Netflix, and specific news/sports/comedy sites, I get just about everything I want without the cable TV bill. Anything else I can download from [not sayin]. I'm on a business level account with Comcast, so I never hit any bandwidth caps, and I download and stream a ton. Use a particular VOIP provider for phone, too. So all I need is my Internet.
Depending on if the kid has the TV in use or not, I can watch content with my HD Live, Xbox, or go to my room and watch everything on my big monitor on the PC.
With this setup, I regularly watch:
House
Big Bang Theory
How I Met Your Mother
Smallville
Craig Ferguson
Bleach (Subbed)
The Daily Show
Plus all those old shows I go back and re-watch.
and more...
Oh yeah, and movies, too!