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I do the math and the channel check twice a year, so far it's not worth dropping it for me.
I *need* F1, I *need* WRC. The former, live ! If not the sites I browse are full of spoilers. Nto gonna happen OTA or on hulu. What works well for us is FIOS. Basic HD fios with DVR is reasonably priced, considering the instant "on demand" free stuff for my kid ! Want mickey, 10 seconds later it's there and he's quiet ;-) I love HD theater for the shows like chasing classic cars, etc... At the end of the day it's worth the $70 a month or so... It's the phone I'd rather drop !
What I could drop was all the movie channels - Netflix rules that area.
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