[quote name='kube00']I keep thinking that I could use Hulu, netflix, a HD antenna and get most of what I want for $20 a month +$40 for internet[/QUOTE]
As others have said. You definitely can as long as you're not into sports.
If you're just into pro sports, you can pay for the online streaming packages they offer, but they're pricey. If you live in the city of your team though, the games will mostly be on over the air channels anyway. Though I have noticed at trend of some local pro games being on the local sports cable channel (i.e the local fox sports affiliate).
College is tougher. You can get a lot on ESPN 3 and the over the air networks, but will still miss stuff that's on the regional sports channels etc. For those the only online option is poor quality, illegal streams. Though again, if you live in the area of your team, the games will mostly be over the air or on ESPN3. Though, as with pro sports, you may still miss some on the local fox sports cable affiliate etc. though.
So yeah, it's really just sports that makes cable/satellite hard to ditch for me. You can stream current shows easily on network web sites etc, and just wait for things like Dexter to come out on Bluray and rent them from Netflix. Beats waiting a week between every episode any IMO.