I went without television for a year or so and didn't miss it too much.
When I finally invested in an HDTV I decided not to pay for cable and instead I bought an Acer Revo nettop. Basically I just use the television as a giant computer monitor so that I can download and stream all my media. A wireless mouse/keyboard is my remote although you can set it up to work with a more traditional remote.
Instead of mindlessly channel surfing shows that I am only partially interested in, I have to select in advance exactly what I want to stream or download. The result is that I watch television a lot less and, when I do, I enjoy it a lot more.