Thats a lot of cabbage to be sure!
Im on satellite TV with a $60 HDTV antennae for local HDTV broadcast.
the sat bill is around $40ish and adding HDTV is $10, but you have to get a receiver of course. A combo sat tuner + 30 hr HDTV PVR will only set you back $400 over here, not that Im going to get one now. Prices will plummet in a year or two.
HDTV is pretty lush, I watch my 3-4 brain emptying series with it, and its cinematic to be sure. Quite shocking how perfect it is just using an indoor antennae.