Only the primary channels carry the "must carry order" that is put out by the
FCC. The special extra channels have yet to be included in this order. So you'd be missing out on those extra channels if you'd get cable or satellite.
I do ratings for kids' TV shows under another moniker I use, and the converter box lets me get qubo, V-Me (Spanish dub PBS channel with lots of redubbed imported kids' shows,) and the kids-only station from a high school PBS station.
Nickelodeon gets just so much (saw at a friend's house - pretty much inane rubbish, except for Nick Jr.)
Anyways, my entertainment-oriented friends have decided to go with buying commercial-free episodes on their Xbox360, they invite their close friends to their small theater room - lots of bean bag chairs, and a sofa. It has a computer for Youtube videos, a Playstation 3 Blu-ray, and the above said Xbox360. They pool their money to afford all that. But that's them.
Me? I'm fine with the converter boxes. I'm in a pretty urban area, and NBC's channels (Channel 4, Telemundo and Pax-TV sets) seems to get a bit of interference, when there are low clouds over the freeways (they collect the exhaust and weaken the signal) Iwouldn't trade the 64 channels I receive for anything, even if some of them are in Korean, Farsi, Japanese, Spanish and Vietnamese.