Tv to me is one of those forms of entertainment that I classify as "consuming." In order to attempt to balance my time, I've tried to figure out what consumption entertainment is for me. That generally includes anything I enjoy without producing, so books and music fall into that category.
While I don't have cable anymore and found that to be quite freeing, I still can fulfill the same blase lifestyle with any number of consumer mediums... such is internet forums (whoops).
The question I try to ask myself is, how much time am I producing my entertainment over consuming? I'll be the first to admit, I've not perfected this balance. But on those days when I do it right I notice a profound difference. Making video is much more rewarding that consuming youtube. Same goes for music, food, gaming (vs programming or inviting friends over for a board game), etc. The most subversive part to me is how consuming encourages being isolated and antisocial, where as producing encourages sharing and hanging out with friends. For me at least, that is a profound difference.