We are not 100% Consensual Living, but we do lean toward "freedom of informed decision making" for most things. We don't limit TV much at all with 4.5 yr. old dd. If she wants to watch TV while dh is watching something creepy on SciFi, she'll ask him to change the channel so she doesn't have to look at all the monsters.
We have a LOT of conversations about how cartoons are made (i.e. drawings with voices of actors added), the concept of fiction vs. non-fiction, the idea that it's an actor's "job" to pretend to be sad, hurt, etc. and that when the "TV show makers" are done making the show, the actor goes home, eats dinner, maybe spends time with his/her family, etc.
If dd is watching Spongebob and "Drake & Josh" comes on afterward (which is more geared toward tweens) she'll say, "Can you change the channel? I don't think this is appropriate for me!"
FTR, we didn't make a black and white rule about what is "appropriate". She decided for herself that she doesn't like explosions, bleeding, yelling, or monsters. She also really doesn't like it when she hears jokes that she doesn't "get", so she doesn't like most sitcoms that are designed for older kids or adults.
She does like to watch Man Vs. Wild, How It's Made, Pet Star, Cleaning House
and lots of cartoons. We've found that she's never been really "addicted" to TV. It's available when she wants it, just like the books that we have in the house, but I think because she knows that it IS so available, and fairly unlimited, she doesn't seem driven to watch as much as possible, as late at night as possible, as often as possible, etc.
The materialism does get to me sometimes, but when she asks for things she sees on TV we try to talk about why she feels it's important to have it. Sometimes it's really reasonable; it's a toy we know she'd like, it's not really expensive, it's something I can find second-hand, etc. We also try to talk (in 4 yr. old terms) about how every time we buy a new toy, some of our money goes to the factory that makes the toys. "We try to make sure our money doesn't go to factories where they make children work, or where the bosses are mean and don't let the workers eat lunch", etc. Now, when she has a new toy, she'll ask, "Do you think this was made by a man or a woman? Do you think they had a nice boss? Do you think they got paid enough money when they made the toy? Do you think the factory is a good job for them?"