We haven't used cable in 4 years. We use an antenna to get local stations, then use Netflix and the non-subscription Hulu to watch other shows. Some stations also stream some of their shows on their websites, so that may be an option. It's annoying to have to wait sometimes... there doesn't seem to be any rhyme or reason to the length of time we have to wait for one show compared to another, but we deal with it. I do miss Food Network and BBC America at times, but I find other ways to get my BBC addiction fed.
We tried the Roku box once and it wouldn't work for us. That was a few years ago, so maybe they've improved it. We have a laptop with an HDMI connection, so we just move it over to the big TV when we all want to watch something on Hulu. We can play Netflix' instant play through one of the game consoles, so that's not an issue. Our internet bill is horrendous, but we have a family of 10 who are online from the time we get up to the time we go to bed, so we use a LOT of bandwidth per month. Considering it covers our entertainment, educational needs, and my business needs, I'm not too unhappy with the bill.