I like it a lot, but there's not a lot of TV that I watch. I may have been the only one of my ALMS buddies that has no problem with the live races on ESPN3. There's kind of a twist to that, and I discovered Fox (I'm a "Bones" and "Family Guy" fan) is going to do something similar: They want to know your high-speed connection is owned by a cable company that also carries their networks. The only provider we get out here is Comcast, so we're covered. Most TV networks are beginning to take the hint about online delivery, so most of the higher-rated TV shows are offered online the day after they air on the network. Netflix is another source for "regular" shows, especially those from the premium cable networks (We like "Dexter", but are about a season behind). I do wish some other networks were better about providing online content (I used to watch the Indycars live on their homepage, but this year's deal with Versus put a stop to it).
Which brings up the question of "sources of questionable legality". I personally don't mind people re-streaming TV and cable broadcasts, because a simple repeat of the signal includes the commercials. Some folks say that you're cheating the network out of its' subscriber fee, but the major cabler I worked for didn't really make much money from the sub fee, when compared to the commercial load. My girlfriend is a lot younger than I am, and (like much of her generation) considers big companies as the destroyer of American life, and screwing them as social justice (aside to my right-wing buddies: Don't sweat it, she doesn't vote, either. Says that if it made any difference they'd make it illegal.)
Not to mention, using such sites allows you to see material from other countries. I've watched Le Mans coverage from Europe for the last 4-5yrs. Much better commentary, full coverage of the race, and often-video of the cars on course during the night instead of an endless series of pit interviews.
Another case in point..both of our "favorite shows" are from other countries! Hers is a Japanese anime named "Bleach". It is actually broadcast in the US on Cartoon Network's "Adult Swim", but they're about 100 episodes behind. IIRC, during the season, new episodes air in Japan on Tuesday nights, and by Friday she can find a streaming (that's right..no virus-filled download) copy with subtitles. My show is Top Gear, which of course, is already in English. It airs Sunday nights, and I can usually find a stream by Monday afternoon.
Only complaint I've heard from others who have "cut the cord" is that it can be difficult to find coverage of their favorite stickandball sports. I don't really care for any of that, so it's not been a problem for me.