I live in Buenos Aires, Argentina, and have cut cable TV last year... I got rid of my TV set as well.
For a while now I've been using torrents for all my TV viewing needs, even programs available to me in cable. Once my girlfriend cut down her TV watching as well I proposed getting rid of cable and we agreed on removing the TV set as well since my 24'' widescreen LCD computer monitor is up to the task.
My main reasons for watching torrents: ability to watch the programs as soon as they are available and without the normal geographical delay (blame it on Lost, American Idol, and the like), and the possibility of watching at any time of the day (TVR never really caught in Argentina).
To any TV execs reading this: If TV channels gave me all the quality and convenience torrent does (automatically downloaded HD video with no DRM) I'd have no problem watching "official" videos with commercials in them... or even paying a very small amount for them (we have a weak currency in Argentina so even one dollar per episode is borderline steep).