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I have recently done this. Ended cable and went to internet only from Comcast... halved my bill.
Though I never would have done it if the latest Tivo Premiere (the regular, not the 4 or XL4) didn't have an OTA input (I love me some DVR). And I got a Clearstream 2 antenna, which is currently on my apartment's porch.
In addition to that I already had a Roku. I know some people who just use a Roku and don't worry about antennas at all, but I like some live stuff.
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"A prayer for the wild at heart, kept in cages"
-Tennessee Williams
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