i do not have tv, only pay for internet. it definitely saves me money, but there are certain downgrades.
for internet, i have the highest setting, which here is 50 dollars a month, split between my roommates.
for basketball, i'm using a streaming service called ballstreams. i'm not sure about the legality, but the quality is great. hd and can watch any game, local or national, live and also on-demand. they also show more marquee college games. i plug my laptop into my living room tv with an hdmi cable and it works great, just like watching tv. that's 80 bucks for a year.
i also bought a 20 dollar antenna and it works fine. pick up about 7 channels, including fox and cbs for football sundays, and nbc streams their games, so i plug my computer in for that.
i also have netflix, which has lots of interesting shows and movies, but can get old. i stream that to my tv through my ps3, which also has other applications for watching things - MLB, Crackle (like netflix, but free with commercials), and i get a lot of free movies through my work for a VUDU account.
there is no changing channels and you have to actively make a choice about what you are going to watch, which takes away from the passive pleasure of tv. you are not gonna be able to flip over and see oh shit, terminator 2 is on fx, let me watch that for a bit. that is something i really miss but i am not willing to pay the prices. i've gotten used to it, but you will definitely miss that aspect.
let me know if you have any questions.