I will say without reservation that both DH and I (former tv addicts) agree that this is the most important thing we have done for our family.
It was hard at first. The silence can be scary, as you are now left alone with your thoughts and the mind buzzes with all that has been pushed back by the "zoned out off" that TV does. There is a lot of thinking about tv, missing it.
But you know... Something new comes in. My husband and I both lost over 10 pounds by just being more active. There is a calm that is hard to describe that a lot of TV watchers don't believe ("well, we appreciate the sunsets too!") but it is in a different way. Things just are over-all calmer, more time to let life unravel. We started eating better, had more meals together. I found I had more time in the evenings and went back to school. We get more sleep. We are less stressed about the news. Our kids are not bombarded with the commercialism and images that come through (and yes- even on PBS). We planted a garden. We go out more. DH and I talk more. We both started hobbies and are involved in other interests.
I know it sounds rediculus and lots of people say "But we do other things too!" but if you really look at it, there is a whole lifestyle change by tossing the tv. Those 2 hours at night are important. Those saturday mornings, those late-nights, those snippets... They add up and the time watching tv is time not doing something else.
OK- keeping the computer for DVDs and a few tv shows... We occasionally do this too (we just came back from a big plane ride and let ds watch some videos on the computer on the plane for instance) and sometimes DH and I will have a "date" with some internet tv and a pizza after kiddos have gone to bed. But it does not rule our lives anymore. And now, its take it or leave it.
Our culture is SO dominated by TV that it is hard to see how much it influences us.
So, as for if it worked out for us, I'd have to say absolutely yes! I really don't know anyone who has been tv free that has said "You know, I really think TV-free is lame and TV was just great and I'm going to go back and get a huge tv and watch a whole lot more!"