its really quite easy. we purchased an appletv, so we can stream netflix and then purchase those shows that we want to see asap. We are saving $95/month, and even if i purchased shows as soon as they are available (rather than waiting until they are on netflix), there is no way i would purchase nearly $95 worth!
you can also stream tv shows via hulu.com ....thats been great for us.
i also do buy seasons via appletv for the kids. they watch shows over and over again, which is perfect for them. a season typically costs $12-15. i dont mind the occassional season for them, since they do watch it and again, i am still saving scads of money! i also love the fact that everything is commercial free for them...and i have more control over what they watch.
also nice thing about the appletv is that when i am playing my owned music through it, the tv will display our photos randomly as a slideshow. i never ever before realized how many pictures we just never get a chance to see. we have about 10,000 images since the kids were born...this way, their memories are reinforced, and yet, they never get stale. kids LOVE watching their pictures.
off of soapbox. its great to be rid of programming though. if i want to watch it bad enough, i will buy it. if its on netflix or hulu, i'll stream it. we always got our news off of the computer anyway, so the only thing lacking was live sports. DH found a website that is able to get most any game, and redzone is free on the computer. he doesnt need a big screen for sports as he always watches sports while working in his office anyway. and if he did want to go watch a big game, dropping $50 at a local sports bar is no big deal when you are saving $100/month!
think you'll be glad you did it.