I haven't had cable for 10+ years. It is great!
Pros:
1) More sleep. There is no more flipping through the 100+ channels knowing something is on that I could be watching. Instead, I go to bed.
2) My kids actually go outside to play.
3) $$$$ saved. I actually watched network tv most of the time anyways for the weeknight shows. I still get them with rabbit ears and the picture is crystal clear with the hd signal.
Cons:
1) Sports on tv. I miss most things but in the last few years I've learned many tricks to find the shows on the Internet.
2) Popular culture disconnect. It's not that big of a deal but it really hit me by surprise to find out that as a public employee/servant that I was the largest problem to the health of the country. Here I was going to work and doing my job only to find out later that I was just some union goon, thug, etc. If I had Fox News, I would've known much sooner.
That's about it. Cut the cord! What will happen to you? It's not like the cable provider won't be calling you in a few days offering to reconnect you for free and throw in a couple of months of premium channels for free if you do reconnect. If you are on the borderline of choosing, contact your cable provider and see what you can do to renegotiate your 'deal' with them. I've known friends who've gotten their price reduced, etc. I like my sleep and the fact that my kids go outside to play or play with each other. We had cable for a month about 7 years ago after my wife started back to work. She'd finished nursing school (reason we cut the cord to save money) and she thought she was rewarding us by getting cable. I couldn't get the kids to go outside and do anything. It was a constant, "Let me watch this show, please." or "Right after this show." I took the box down to the cable provider and left the cord plugged into the tv. The kids kept watching. Then the tv went snowy a day or so later.
I heard, "Dad! Dad! The TV is broken!"
I asked, "Is the screen snowy?"
Their reply, "Yes."
I aksed, "Is there a white van out front?"
Moments later....."Yes."
I said, "Great, no more cable."
About ten minutes went by and then I was asked, "Dad. Can we go out and play?"
With a fist pump or two I exclaimed, "YES!"
(True story.)
