Having cancelled our cable TV, we have just made a major change in how we spend our time and entertain ourselves.
For the children, we go to the town library and borrow 5-7 DVDs. This is all they have to watch over the next week until our next trip to the library.
I've noticed recently that they will try to watch the same DVD over and over. Although the seem to be watching less TV, the repetition seems to mitigate some of the reduction.
However, one of the benefits is that I can review the DVDs they borrow. Programs with great violence, such as Ben10, Naruto, etc... must wait until they are much older.
As for parents, my in-laws watch TV over the internet and my wife and I are exploring our DVD collection. I wonder how long it will last.