We cut the cable a couple of years ago. At the time, I realized that the only thing I was watching on cable was Mythbusters. My wife would watch "Dancing with the Stars", but we could get that over the air. So, 4 hours of Mythbusters a month, and cable was costing us $40 a month, meant we were paying $10 for each episode of MB. I liked the show, but not that much.
So we got Netflix and Roku, and haven't missed TV at all. I have no idea what is currently on - for example, I've watched season 1 of Flying Wild Alaska, but nothing since, since it's not on Netflix. Really, I think I can survive.
Plus, if a show isn't released on Netflix until a year after it airs, but I'm a year behind, does it really matter? It's the same to me, right?
We do watch some old series sometimes, like Star Trek or Twilight Zone recently.
What I've noticed, though, is that since I've been watching commercial-free TV for a couple years now, when I do occassionally watch something on "normal" TV, I find the commercials to be really intrusive! I will actually lose interest in the show during the commercials. Maybe it's something like "well, I've lasted 3 minutes without knowing what happened, and it hasn't killed me, maybe I don't really care..."!