The list is endless, really. I grew up in a house with a TV in every room except the bathrooms and formal living room, so I have a pretty good basis for comparison. DH and I don't own a TV at all and never have; we occasionally watch movies on a laptop or, once in a blue moon, the overhead digital projector we've set up downstairs.
What do I like about not having a TV front and center?
-Your furniture arrangements aren't centered around where the cable cord is. You can actually have chairs and a couch facing each other, like, for conversational purposes. Your couch can face a picture window or the fireplace instead of the television. It just looks better and makes for much more comfortable living.
-You don't have to look at an ugly appliance every time you turn your head. I hate TVs and think even the sleeker, flat ones are nasty to look at. Now I don't have to.
-There's no temptation to kill time with mindless television. You have to work to put something on, which makes you less likely to do it out of boredom.
-There's more room on the walls for bookshelves and art.
-You never ever have to deal with house guests coming in and turning on your TV out of habit. You never have to wake up to the sound of a blaring television, or endure the sound of TV during a meal, or hear that awful low-pitched humming sound that all TVs make and that you don't really notice until you don't have one anymore. Your guests actually have to find something else to do, like talk to you and each other, or play with the little ones, or go outside and take a walk, or read that interesting coffee table book. I can't count how many times our house guests have sheepishly commented that they find our home so much more relaxing and peaceful because there's no TV available.
-Your child's first instinct isn't to ask to watch TV. It's easier to redirect if they do ask to watch a DVD or movie. You're less likely to use the TV as a babysitter. You're less likely to find your child watching something that's wildly inappropriate for children or zoning out for hours in front of trash "programming". (Ever wonder why they call it "programming"? Yikes.)
Congratulations on taking such a healthy step for your family! Like any addiction, TV can be hard to kick, but once you do it you'll be amazed that you ever wasted so much time on it.