My partner and I dumped cable TV when it was clear we were only watching a few shows on the hundred-or-so channels we had access to. 95% of the content was repetitious junk, with the same amount of annoying ads and infomercials as terrestrial broadcast. At least we don't have to pay to pull in HD OTA content, aside from the $45 for the secondhand indoor antenna I bought. Between that and Netflix, we're set. I've thought about slapping together a MythTV box from time to time for recording purposes.
There's some neat stuff happening in OTA broadcasting post-analog shutdown. Some NBC affiliates carry Universal Sports on a subchannel, and some other stations carry things like Retro Television Network (cheesy old TV!), music video channels, and in the case of my area an extra news/educational channel on the PBS feed. Once Canada switches off the analog TV spectrum, I expect to see a few more neato things on the air.
 We have an unusually good view in the direction of signal sources around here, so costs would probably run into the low hundreds for a proper roof/mast antenna, rotor, preamp, and coax for most suburbanites. It's still worth it, IMHO.
 This assumes the telecom/media cartel up here doesn't cook up an excuse to delay the digital switch even farther into the future. The switchover was supposed to be August of this year, though I half-remember rumours that they may push it back to 2013 or beyond. Part of the problem is that most private OTA stations are owned by media conglomerates that also own cable/satellite/IPTV operations, and they're much more interested in squeezing money out of subscribers. Go ahead, ask me about the kabuki fee-for-carriage "debate" that took place here last year. I'm still brassed off at how everyone in this country fell for it.