We've tried the no cable life, but gone back in a limited way. However, I've found that what I really want to watch is tennis (mainly the grand slams) and that's only carried on ESPN and Tennis Channel. So, what we do now is start the year with cable in January for the Aussie Open. When that's over, I call to suspend it until May, when the French Open rolls around. (By suspending, I don't have to go through the hassle of cancelling and reconnecting service. They just pull my feed until I call them to turn it back on and I don't pay for the months it's off.) I keep it through the summer until the end of the US Open and then suspend it again. (I also do this strategy in Olympic years b/c I'm a huge Olympic junkie.)
I love college football and basketball, too, and while I could watch a lot more games if I kept service all year, there's enough on the local channels to get my fix. Live sports are the only things standing between me and a cable free life. But I've found a way to satisfy both needs -- the need to save money and have my favorite sports. Sure, I could adjust to a tennis free life, but it wouldn't be happy. Point being, if you can afford it and it makes you happy, there's nothing wrong with having cable. Maybe, like me, you can find a way to meet in the middle.