Now, I'd have to admit that we have free internet (I work for an ISP) but our internet bill would be around $30 a month if we didn't.
We used to pay about $80 for cable before we gave it up. Since I live in Canada, I don't really have access to Hulu.com, but CBC has all their content online, with all of the other stations (including most of the premium cable channels that we actually cared about) having about half of it, and growing.
The only thing I used to miss was Mythbusters, before discovery.ca started posting this week's episode. And if we really wanted to (and we have in the past) we could buy it on DVD. Most of the content we actually *want* to watch is available online, and we can watch it whenever we have free time - which is at a premium with a newborn and a 3-year-old. All without having to sign up for scads of crap that we're not in the least bit interested in.
The fact that the cable companies have never been interested in providing only the content that the customer wants has always been a sore point for me, as I hardly ever watched any of the basic cable channels.