I think it comes down to how much you actually watch cable television. In my household we rarely watch cable TV but still keep a basic cable box in the living room. Rest of the house picks up OTA channels (something like 60 channels). I've got an xbox on one tv and recently picked up an Apple TV for another room which can both access netflix, vudu, hulu plus, ect.
I found that when we had cable + dvr (fios when I leave on the East Coast) with basically every channel there were times where I couldn't find anything to watch! Sure the DVR was great but with a cable account (even basic) I can log into some network's (fox, cbs) website and catch my favorite episodes usually a day later. For everything else, there are some free streams out there...just look around