I wanted to update this thread as I have now had about about a month without cable.
Living in the Chicago area I consistently pick up about 30 or so channels just through a cheap wall mounted antenna, and occasionally pick up more on clear days, or in the evening. Since my last post I did splurge, and signed up for a 13$ Netflix trial. I plan to continue it once the trial is over.
I'm not missing cable tv even one bit. The down side is that I have so much programing available I can't really say I'm watching any less TV. After a little research there is so much free programing available on line there is really no difference. I'm just saving a whole lot of money, (over a $100 a month), and am actually watching more interesting things as most of it is on demand, and not what is on at the moment.
Though over the air network tv programing, I can still get all the new's and such. The quality of these over the air hd signals is also excellent.
If your on the fence yourself about pulling the plug, I can recommend doing it.