If you talk to pretty much anyone with cable TV, they're biggest defense for keeping cable is that they want to stay up to date on popular shows. But for many of us, that's easy enough to do without spending $60-$120 a month on a cable bill.
With the exception of live sports, you can get almost any TV show a la carte from a variety of places. The most obvious place you get free TV is from the oldest source around: your TV antenna (and you can even build one yourself pretty easily). With an antenna you'll get all the network shows you want that are broadcast in your area....
None of this means anything unless you can get these shows on your TV, of course. Thankfully, that's incredibly easy to do with a a good set top box, which is super cheap. Of course, you can also splurge a little more and go for an awesome $500 media center. If you already own a video game console, you can just stream directly from that.
The fact is, ditching cable is incredibly easy and you don't have to lose your favorite shows in the process