Television is an entertainment device and an information resource. It all depends on how you use it. For our family, it's been fine because we have developed a thoughtful attitude to watching it. We aren't a household that has the television turned on in the background all day long. I admit there is sometimes a little mindless viewing that may go on when we are relaxing at the end of a busy day.
As far as the entertainment value of t.v., I think storytelling in film in an art form, just like storytelling in writing. We enjoy watching and critiquing shows and movies on t.v. My kids are both teens with a passion for the arts. They both have an interest in film and DS has lately been talking about studying media arts in university. He's taken a film course in high school, and has probably learned as much in that class as he has in his English literature classes. Not only has he learned about basic literary techniques (plot, character, metaphors, allegories etc.), he's also studied use of cinematography (camera angles, special effects etc.) and musical scores to contribute, support and extend the story.
In a similar fashion, my kids have become very critical observers of advertising techniques. They don't mindlessly absorb television commercials. They often have fun re-creating absurd versions of the advertising they see. I think that allowing them to watch commercials and encouraging them to de-construct and analyze them has reduced the power of advertising in general in their lives.
There is a lot of mediocre storytelling available. Although I encourage my kids to limit their viewing, I don't insist on a rigid ban on this kind of television. I consider it a little like reading mediocre books. There are a lot of bad kids' books out there. But I don't expect my kids to read Greek tragedies and Shakespeare all the time, likewise, I don't expect them to watch only highbrow art films, although they often do.
They also watch a lot of informational/educational television. DD's favourite channels are Animal Planet and Discovery. We also like to watch international shows and films, because we find it's fun to learn about different lifestyles that way, rather than in a dry documentary travelogue style show.
At age 3 months, it's easy to restrict television now. At this age, I don't think television has anything to offer to her, so I wouldn't sit her in front of it for her own viewing pleasure. As she gets older and starts visiting friends in their homes, it will be harder to control. I think it's a good idea to develop a mindful approach and decide how much and what kind of television you are comfortable with. When it is time for her to make her own decisions about her television viewing habits, you will have helped her develop useful tools and a good attitude about it.