Any Time. Any Where. Any Content. That is how I want to consume my TV shows and movies. With the plethora of online services that exist, there's hardly any reason to keep your cable or satellite subscription. They're filled with endless commercials that you are either forced to watch or fast-forward through, and it's only on when it's on. The DVR has made this experience a little more "Any Time" than it used to be, but it is still very frustrating when you want to watch your favorite episode of Big Bang Theory.
For many years now I've been hacking computers together to pull off what Netflix, Hulu, and the like now serve you with very little effort on your part. If your TV doesn't already have these services built in, you can pick up a Roku 2 XD box from $59 - $99 and have Netflix, Hulu and most other services on your TV pronto. All of the services run through your internet connection and have been structured specifically to be very easy to use from the comfort of your couch. See a full list of services on the Roku.
Another plus is that these services are breaking new ground all the time. According to Hollywood Reporter, Netflix will soon announce they have penned a streaming deal with DreamWorks Animation which will bring a ton of new content to the service. Netflix is no stranger to gaining and losing content providers which can be a bit frustrating at times if your favorite movie disappears from the service. However, HuluPlus offers you another source of content which, combined with Netflix, should satisfy your movie and TV show needs.
The only things lacking dwell in the realm of live TV. The available live sporting events and news updates are a bit slim, but they are available at times. You could always pick a pair of "digital rabbit ears" and get most of the local channels free if they're important to you. If not, this is still a small price to pay for a family who rarely consumes live events when the benefit is the reduction of your monthly bill from $70 to $15.
Pick up a Roku 2 XD box if you have any interest at all and give the services a chance through their free trials. It's super easy, and once you see how great having all of this content on demand is, you'll likely never go back. Especially if you have young children.