I went without cable for 3 years and loved it. I signed up for Netflix and Amazon Prime and love them both. Hulu is a problem for me because of their ad system, it's annoying that even after paying for a subscription you're still subjected to them. Plus the main reason I never signed up for Hulu was that many of the shows that we watched for older seasons weren't there or only had an episode or two.
I think a lot also depends on how you watch TV. My wife is a very traditional TV watcher where she'll flip endlessly across channels to see what's on and put up with ads and settle for any show or movie that happens to be playing. I am the exact opposite where I know exactly what I feel like watching.. so I go straight to the source either on Netflix or Amazon or if I have the bluray ripped , I play it off my computer and broadcast it to either a Roku or FireTV stick on the TV. My channel surfing is just browsing through the catalog.
For sports, while I do follow the NFL and some of the NBA I don't watch a lot of sports, everything that I do watch like the soccer world cup or NFL playoffs they almost always seem to be available online through ESPN, NBC, CBS or FOX. So if there's a game I really want to watch, chances are I'm watching it with all my friends either at their place or some restaurant.
I think sports is the big deal breaker for many people who want to cut the cord. ESPN does have some package for cord cutters now though I haven't checked out what exactly they offer.