So as part of our trying to save space, and to be better grad students, and to save money, we got rid of the TV. Sold it on craigs list, sold the Tivo on eBay, and gave away the entertainment center for free. (got a response 3 min. after listing it- isn't the Internet great)
To make sure that we don't stay out of the loop e can still watch DVD's on one of our computers, I set up iTunes to download the news podcast from NPR every morning, and we download the clips for the daily show from the comedy central website.
There has been some repercussions, I didn't even know that the world series was happening. I usually just don't know who is playing. The only real time that I get a craving to watch TV is when I get home from school and want to veg while I eat lunch. So far this has been taken care of a bunch of $1 DVD's that we bought of old cartoons. (On a side note it is rather interesting to watch superman and daffy duck beating up German and Japanese people.)