We dropped our Cox cable subscription several months ago. In its place we have Netflix, Hulu Plus, and Amazon Prime, which works out to around $24/month instead of $105/month. I miss some programming - like BPL in HD - but basically anything we want to watch we do. If HBO would finally offer a streaming service we'd probably jettison Amazon Prime.
My wife fretted the most about losing cable, but since she discovered the wealth of complete series available streaming she is chewing through shows like Sons of Anarchy, Doc Martin, Bones, The Walking Dead, etc.
I don't miss cable and its too-high bill at all. As a bonus with the money we saved we upgraded our router and modem.