Another option that's not mentioned, for the more tech-savvy among us, is a home theater PC. With my HTPC, a tuner card with remote, and XBMC running the UI, I can get:
- Local OTA broadcasts with complete, cable-like DVR and channel guide
- Local weather forecasts from Weather Underground
- Access to major Internet video services, including Netflix, Amazon Prime, and Hulu (although now they must run through a separate web browser instance because of recent choices made by the companies not to allow access otherwise - but it still works fine and mostly seamless if you set it up right)
- Hundreds of free internet-based streams, including YouTube, ESPN3, etc.
- Music services like Pandora, iHeartRadio, TuneIn radio, etc.
- Pictures and slideshows from sites like Google Images, Picasa (where all the photos I take with my cell phone get instantly uploaded to), etc.
- Local content like your DVD's, any video/audio/picture files stored on your computer, etc.
- Access to any programs installed on the computer, such as video games, office software, web browser, etc.
... all from one really slick, easy to navigate interface.
You can control it with a standard IR remote, mouse, keyboard, web browser interface, or cell phone/tablet app. And aside from the hardware (I just repurpose an older computer for the job) and paid subscription to Netflix or whatever you choose, it's all free, as XBMC and it's add-ons are open source. And if you don't like XBMC, something similar can be done with Windows Media Center, or you can just use various separate programs and interfaces to fit your own needs.