Back in 2005 I bought a used series 1 TiVo and started enjoying the ability to record TV without tapes. Later I added a series 2 dual-tuner TiVo, a Mythbuntu server (for recording OTA HDTV) and finally two cableco HDTV PVRs (one SD and one HD, free after I complained to the cableco that moving analog channels to digital reduced the functionality of my TiVos). So one could say I've experienced the gamut of PVRs.
And yet, after the fire I'm now considering whether there's any value in selling my Mythbuntu server & antenna (which I never got around to mounting outside). Which is in direct contrast with the "cut the cable" movement which seems so popular in news media.
It comes down to content, with a side dish of convenience and bytes.
If you want to watch sports broadcasts (i.e. NASCAR), especially in HDTV, then cable is the way to go. (Particularly in Canada where CableCard isn't legislated and thus isn't available - so no TiVo.) While it's great that I can get a dozen or more OTA HDTV stations, I have to have cable (or satellite - ick) if I want stations like TSN2. Once that decision is made then the question is what benefit do the other options provide.
Sure, I might be able to get the content which isn't available OTA via the Internet, but at what cost, quality & effort? Plus, if I go over my usage limits the extra charges start to pile up. (I've done that once with a MAME torrent, and it doesn't take long.)
And, you know what? The cableco PVR isn't all bad. Yes, I miss the ability to set up wishlists for future shows or favorite actors. But for basic series recording it does a decent job.
