As a Noob I'll jump in on this debate a few months late.
In the US Netflix is far more appealing. But so are other methods to obtain content. For example Xbox Live offers ESPN, we don't get that in Canada. I don't think the CRTC will ever allow it.
There are two reasons I will never give up my cable for Netflix or supplemental internet streaming sites. (justin.tv for example)
First, I actually like watching sports, especially during the football season. You can try and watch live sports on justin.tv but the quality is putrid. Plus other specialty channels like NatGeo, the Military Channel, G4TV, History etc, all provide great content you can't really get online.
Second, The Movie Network is much better, especially if you have a DVR. You get all the premium US TV shows from HBO, Showtime and Starz in one subscription. They release at least 2 big ticket movies twice a week and they are also in really good High Definition, I'd argue it's almost in 1080p. Most of the content is also available onDemand (granted my cable provider doesn't offer onDemand content in HD) The cost is $20/month. All that and I don't have to worry about bandwidth usage.
If there is a movie I do want to watch and I don't have the ability to watch it. I can always teef it using a bittorrent, but I don't make a habit of that :-D