I like my Roku, otherwise I agree with everything said. A good internet provider combined with your favorite streaming device, a media center computer (I use a mac mini),HD tv tuner (or2), antenna, and good DVR software I’m using mythtv, but Windows Media Center has really good reviews) will get you just about everything you could get on cable. One other advantage worth mentioning is that you won’t be constantly bombarded with ads nearly as much as cable tv.
Also, FYI for those with HOA’s, federal law allows you to put up a TV antenna regardless of the HOA rules.