I cut the cord, haven't looked back since.
Don't even have Netflix or Hulu Plus either. Now while I understand Netflix, don't really understand why people get that AND Hulu Plus. Like you said, you already get NBC, ABC, CBS, Fox, etc. So you get all those shows for free, plus you get them free online the next day on their websites or regular free Hulu (Fox makes you wait a week though), in my experience, they typically offer the last 5 episodes free online. Tried the free trial of Hulu Plus, but didn't think they brought any value for $9 per month, since all they really offered was you can watch the full season online, which most of the time was episodes I already saw.
Have Amazon Prime though, got it for free 2 day shippimg, but their free instant video stuff is decent enough if you're trying to be really frugal, although they offer nowhere near as much as Netflix. I would say it's like: Netflix is to the premium cable package with 300 channels, while Amazon Prime is to the basic cable package with 50 channels.
Don't have any smart TVs either, run everything through my PS3 or I just use the HDMI hookup on my laptop.
Definitely cut the cord though. So many legal and free or cheap alternatives out there.