Well, we did it - we put our satellite TV package on hold to see what it would be like. The verdict? Not as painful as we thought!
Right now, during the summer, there aren't as many TV shows on as in the fall, so we weren't watching as much TV anyway. Also, the few shows we do watch are accessible through the internet. We don't have an antenna, but we haven't really needed one. Also, we're watching older shows through Netflix (like right now, Six Feet Under).
The one difference I have really noticed is how much more productive I've become. Because I can't just sit and channel surf, we've been listening to a lot more music and I've been quicker about getting little chores done here and there. It sounds boring but it's actually been really great!
I don't know that we'll get rid of pay TV for good, but it might be nice to have the summers off. We've got the hold until January so we can keep the experiment going through the fall if we want. Right now, I'm not yet in a hurry to turn it back on!