I cut the cable about a year ago or so and haven't missed it a bit. I have a lot of movies on DVD and plenty of places to webcast, but I don't really watch very many actual tv shows even through webcast. I catch Family Guy now and again but thats really it for tv shows.
Don't miss it a bit and the kids haven't really said anything about it either.
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"I'll keep my money, guns and freedom. You can keep the "Change."