We cut the cord over a year ago, and I love it! We pay $40/month for internet, and then $8 for Netflix and $8 for Hulu. We did buy a cheap antennae (like. ~$15 cheap) that we probably should have spent more on, but it picks up our local channels (ABC, CBS, NBC, Fox, PBS) for free. Sometimes it will short out and freeze for a few seconds, and always at the worst time. (like when we had a roomful of people watching the Kentucky Derby and they were on the last turn...oops!) We do not have a cable box.
As for shows you don't want to miss...we had a few, and we kept cable for a good 18 months longer until the expense of it was just silly. But the way we watch tv has completely changed. Before, we would watch because it was on. Kids went to bed, TV went on, and we watched until our bedtime. Now, we choose to watch shows. Sometimes they are old series that we never watched, or are original programming. But there are several shows that we always would watch when we had cable, and now even though we could watch them (a season behind, sometimes)...we don't. We watch somewhat less tv, but even if we watch the same amount, we are actively choosing a show based on how much we enjoy it, versus watching a poor show because there's a 1/2 hour slot until the next show we like comes on. You may find that you need your HGTV, but you might also be surprised.