I dropped cable (actually Dish Network) a few years ago. Was paying for 250 channels, and most nights, when I'd find something worth watching, it'd be on one of the local TV stations, NOT on the cable networks, which were filling up with insipid "reality shows". Cancelled service, put up a good quality outdoor antenna, and haven't missed cable at all. Getting 19 over-the-air channels, all the major broadcast networks. Find MORE than enough to watch.
Only have 6Mbps DSL though, and sharing it with my son, so haven't subscribed to any online streaming video services. Did the Netflix free trial, but dropped it before I was billed, because of excessive buffering.
On days nothing is on TV I want to watch, I fall back to my extensive DVD/Blu-ray collection.