I’ve been without cable for four years. Quite happy with the decision.
What I recommend.
1. Xbox for watcing netflix.
2. Xbox with a dedicated PC running PlayOn. In brief, PlayOn streams the following. I mainly use it for Hulu, Youtube and Revision3 videos.
3. Have a router with the ability to share a Hard drive over the Wifi. You can then use the XBox to access and watch whatever content you load on it. I also have mu iTunes library on the shared HD for across the house coverage of whatever content is in iTunes.