Like you, I don't have cable either. I haven't in over seven years. We do have netflix via our Roku box, as well as pirated HBO -which I enjoy. But, we usually just pick one series and take our time working through it. Right now we are watching LOST. -I'm not a huge fan but my wife is really in to it. But yeah, television in the old sense of the word is dying a fast death.Once major sports franchises work out the kinks of alternate means of distribution you are really going to see the bottom fall out I think.
-Without a doubt. Anything that "has" to be watched in real time is extremely valuable to television. -It's just about the only time people will drop what they're doing and tune-in without skipping the commercials. Sports are television gold these days.