I'm a bit late to the party here, but I have been cable free for going on six years. Mostly for monetary reasons. My roommate was devastated (and honestly, I think he still is), but it was very easy for me to give up. If I'm at someone's house who was cable/satellite, I will flip through the channels, but it seems I end up watching the movies/TV shows that I've already seen 15 million times.
I have never been a big TV watcher in the first place, so I guess the transition wasn't as difficult for me as it was for my roommate (who will go to his brother's place to watch TV. Seriously). So Jugs, if you and the lady don't watch TV very often as it is, I'd say you'll do just fine without.
I made the switch about a few months ago, and I found that if you look in the right places, the content on the internet far surpasses the quality and enjoyment levels of any programming I ever got in the cable box.