Until Sept of 2010 my home in Florida had no TV, but it came with a roof top antenna, so I picked up one of them new fangled flat screen TV's with the digital tuners. I found a 22 inch Emerson flat screen at Walmart for $198 and plugged it into my roof top antenna.
I was very happy to find 40 clear digital TV channels. I picked the Emerson because it had good side vision (much better than many of the others) and it was under $200 and 22 inches is small but not tiny.
The digital tuner in the TV responds better than the analog to digital converter boxes I tried a year or two earlier. The channels are as clear as cable. You can look at your favorite TV Guide to see what channels are available in your area.
Updated June 2015
Now almost 5 years later I'm still using that same setup at home, so I've saved about $5000 by still having no cable.
Funny though that I just bought a 32 inch flat screen TV from Walmart for under $200 that I use at my office with my laptops as a monitor.