Honestly, I recommend going with a very good high-speed internet connection and streaming everything you watch.
We subscribe to Netflix, Hulu, Showtime and HBO. Our total bill is less than half of what it was when we had satellite tv, and we have 90% less commercials. We have a hi-def antenna to watch local channels.
Netflix and Hulu, in addition to offering a lot of great choices that come from traditional outlets, also have a TON of really great quality shows of their own. Very well-written entertainment and not the idiotic reality tv drivel that the Big Three seem to keep shoving down our throats.