Who needs a TV when you have a Mac?

We've talked about this before on TUAW, but Scott Stevenson's latest post titled, 'The iMac is My TV and Stereo,' got me thinking about it once more. My Mac stores all my music, so it is my stereo, but can you replace your TV with your Mac? Now, in Scott's case it was easy since he only watches two shows, one of which is available on iTunes. However, I watch a few shows on a regular basis some of which aren't available online (legally, that is). It is tempting to cancel my cable, but I don't think I can do it.

Has anyone out there kidded their TV to the curb and embraced the 'a Mac is all I need' philosophy?