Bravo to Todd Mundt on both “cutting the cord” from his cable company and writing in-depth about the process and experience of consuming media — up to and including HD video — without cable (or satellite) TV service.
The mix of technologies required today are a bit daunting to anyone that wants just a plain old “boob tube” experience, but for any moderately inclined hobbyist, this is pretty accessible.
Furthermore — and this is the kicker — there’s more content out there on the ‘Net than on PBS, as lots of sources distribute directly and PBS (for various reasons, many of them good) chooses not to carry the stuff.
(For the record, Todd reports that he still uses the cable company for Internet access, just not for TV. My own experience is that my local cableco won’t sell me high speed service without a TV bundle, so I can’t fully follow his example. However, I have stopped watching BSG on TV and instead watch exclusively via hulu and DVD).
Oh, and be sure to follow Todd on Twitter, if you aren’t already.
Gravity Medium 
I don’t even have an antenna, I’m cord + wave free.
Nearly all the TV I watch is on YouTube or Bit Torrent – just watch the news on TV