I do a less extreme version of this. I don't own a TV, but I still watch a few selected shows on my computer. Doing it that way means I can watch when I want, and also has the benefit of fewer commercials. In total, I probably watch about 4 hours of mindless TV a week, when many people watch that much in a day.
It took my son a long time to accept why you can't always fast forward through ads, and why everything isn't available on-demand. He often prefers Youtube, but gets really annoyed when he can't immediately skip the ads.
I used to think live TV would survive because people like to just turn stuff on, but watching my son and other kids I realise that kids growing up with on-demand services, Youtube and DVR's don't seem to grow into that mindset: My son does not want to just turn on some channel, he instead asks for ridiculously specific things and expect it to exist. And as it turns out, most of the time he'll find something "close enough" on YouTube - even if it's some crappy homemade recording of some kid playing with his toys - if it's not something he can find on TV.
Live TV is about to become something unfashionable that old people watch, other than for a few major events.
