[customspoiler=cord cutting rant]I did it this year with mixed results. The big issue is that my wife loves watching TV but she just wants to put something on rather than having to search for a specific program (I know, it seems lazy to me too). Right now we have Hulu Plus, Netflix, and Amazon Prime, and I've subbed a few months to the new Playstation Vue, which is pretty decent with the Fire TV but weirdly a real pain in the ass on an actual Playstation. With the PS Vue, and not counting the Prime, which was a 12-month payment up front in January, it's around $40 a month (also mooching Netflix off my mother-in-law), which is less than half of what I was paying for DISH service. You still end up having a massive amount of content available and, like with cable or satellite service, you end up with a lot of stuff you'll never watch and some stuff you will. The other issue with having Hulu and Netflix and Prime is that there's a pretty significant overlap with the content. Because I'm not paying for Netflix right now, it's not a hard decision to keep it, but the only real reason to have all of these is if the provider-created content is something you're really excited about. For example, we mainly have Prime because of the new Top Gear show that will be on this fall. If I were paying for Netflix, it probably wouldn't be worth it to me for the one or two exclusives like Marvel shows that I watch on it. Hulu has a surprisingly robust amount of non-current content, especially if you're interested in British or Korean(?) television. Relatively-new movies don't crop up that often on any of these services now that studios have figured out that you can make good money selling streaming movies through storefronts like Amazon, so if that's something you might miss from a cable/satellite provider, you may want to consider getting an add-on premium channel like Showtime, HBO, or Starz! The main problem with that, again, is the cost factor. HBO is the most expensive of the add-ons with an HBO NOW subscription setting you back $15 a month. I may eventually pick one of these up at some point, but I did a trial of HBO and it didn't seem worth it for the money and we had Starz! on Prime for a few months and it didn't seem as though we really got that much more in the way of movie content with that either. I like the $30 PS Vue tier because you get some pretty good channels with it and it has a pseudo-DVR function that "records" all airings of shows that you specify for 30 days.
[/customspoiler]
TL;DR: If you don't watch much TV to begin with (and I didn't before I got married) and need a good internet connection for other reasons (gaming, porn, whatever you do at night), then cord-cutting is a pretty good idea and you can save a good bit of money in the process.