We've been without one for about 7 years now. We do have a TV in the basement, but it doesn't get any channels. We use it for DVDs. I sure don't miss the mindless sitcoms and the irritating super-sexualized commercials. Of course, we never had cable, so we didn't get the really interesting channels, but you can find a lot of the educational and informative stuff online anyways. I keep up with the news online as well.
DH and I spent the evening, after the kids were in bed, on the front porch swing, drinking coffee and visiting. In every house we could see on our street, the blue light was flickering. Everyone else was watching TV. They missed a lovely evening!
I don't think you'll ever regret pitching the TV. I wouldn't say that there's nothing good on ever, but I haven't found that our lives are lacking at all for not having one.