I'm in the process. I bought a Roku box to stream netflix and hulu plus (got the Netflix running, and it's pretty awesome) in my living room to my LCD tv
Now I need a decent antenna and I'll be ready to cancel the cable TV service.
I do have older TVs in my bedroom and spare room where I work out, and I guess I'll need to get converter boxes along with antennas for those to be able to pull in any channels