B.F.
We have Roku and Hulu. Roku is basically a receiver and you can choose from hundreds of streaming channels. You can have free channels and pay channels. Some of the free channels have older TV shows and movies, some have news programming, music, etc. The only pay channel we have is Hulu. On Hulu we watch the more contemporary TV shows. You can check on Hulu.com to see if your favorite shows are available on Hulu. You can also have Netflix through Roku but we don't have that right now. The Roku receiver cost I think around 80 bux and we pay $7.99/month for our Hulu subscription. We bought Roku so that we can watch Hulu on our TV instead of the computer. In order to watch Hulu with Roku you need a subscription for Hulu. Free Hulu only works on the computer.
Right now we have basic, basic cable for $21.00 and Hulu for $8.00 and that's enough TV for us. But we don't watch any Sports. I've heard that a lot of sports programming is only available through cable. Depending on how much your family is into sports, this may be a deal breaker.
We are very happy with this setup.