I cut the cord years ago.
I have a DB4 antenna on the roof for receiving my local areas 15 full HD OTA channels.
I have 2 HDHomeRun Dual network attached ATSC receivers plugged into the antenna, which serve OTA viewing to a dedicated PC running Windows Media Center.
I have yet to find a better 10 foot interface for DVR / guide and TV viewing than WMC, plus it's included with Win 7 for free.
I run a Plex server on the same box (the PC is hooked up to the TV, and that's it), which streams all my content stored on a NAS box.
There's a Windows Media Center plug-in for Plex Home Theater, which gives you Plex streaming without having to use a mouse or put down the remote (Harmony 880).
There's also an Amazon plug-in for WMC, and up until recently a Netflix plug-in. WMC is the best "dummy / girlfriend" proof interface I've found. It records scheduled shows through the guide perfectly, and has all the standard "cable box" type features including time shifting.
An added bonus is the OTA streams are pure, vs the compressed HD you get from your cable shills.
I've been on this setup for ~4 years, and I love it.