I cut the cord earlier this year. I got a couple Mohu Leaf over-the-air HD antennae for the local channels and I have a Roku, Logitech Revue with Google TV and use a Xbox for the downstairs tv. I picked up the Mohus on sale and they do a decent job getting the big local channels, but I live in a smaller city and close to the stations.
The Roku is great because of their choice of "channels". Keep in mind that some are free and some require subscriptions. I mostly use Netflix, Hulu+ and Amazon Prime, but my wife has a bunch of workout channels saved. The downside to Roku is the lack of web brower, no Youtube channel and the UI can be a bit cumbersome if yuh trying to navigate a lot of channels. Overall a great value for the price.
I really want to like the Logitech and Google TV but to be honest it can be really buggy. The Chrome browser crashes a lot and the system tends to freeze up. I used it a lot until I got the Roku. Now I really just use it to stream Youtube vids from my phone to the TV. I have read that newer Google TV units are much more stable but I dont see a need for that as I am satisfied with the Roku and Xbox.
You definitely need a broadband with a decent data cap. I have a broadband cap of 300GB/month but I have never come close to using that, don't even think i have used 50% in a month. The usage was definitely less than i anticipated, even with my son and wife watching plenty on the weekends.
A general downside to cord cutting is the loss of access to live football. I get ESPN3 on the Xbox so I can see international ball but no EPL. I found a work around with some live streaming sites online.
If you really considering cord cutting check out Janko Roettgers at Gigaom.com (
http://gigaom.com/author/jroettgers/). He covers digital media and is their resident cord cutting expert. He does reviews on hardware and services for cord cutters.
