If you're a casual sports fan, things will probably be fine. You can still get your local stations free over the air (most of them in HD) so you'll pick up the big sports events. Anything beyond that is going to be tough, though. ESPN is a no-go, as are all of the major sports packages that programming companies offer such as NFL Sunday Ticket, etc. Sports are hard to come by in a streaming manner. ESPN3 can help fill the gap if your ISP participates, but it's still not nearly enough if you're big into sports.

As to shows, Amazon and Netflix are always at least a season behind or so. Hulu Plus can be pretty current, but is very spotty in what shows are available. You're liable to get frustrated if you're a big TV fan and that's your only source of current programming. On the other hand, this can be mostly solved by buying TV episodes on iTunes, Amazon, etc. Generally, the pay-per-episode stores are very up to date, and have just about everything that's on tv. You'll usually pay $2-3 per episode, which seems like a lot, but at one new show a week, you can regularly follow quite a few shows while still being well under the price of your old cable/satellite. Plus the added bonuses of no commercials, watch anytime, pay less when your shows are on hiatus, etc.

So! In summary, I think it'll work out well for you, as long as you're not a hardcore sports fan, or someone who watches many hours of TV every day. Have fun.