I haven't had cable in over a year and don't miss it too much. Netflix is a good option but you can get Global, CTV, CityTV online and watch shows that way as well. If you run a proxy you can get the American netflix along with NBC, CBS etc.
I miss channel surfing every now and then on a lazy sunday but with 3 kids that is few and far between.
I use a laptop with wireless mouse keyboard hooked up to the tv but if I could or eventually will pick up the Roku. I think it is the best of the bunch of the streaming devices but I am also not an Apple household so you might think differently if you are. And these devices are independent of your computer, essentially they are mini computers.
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