We have SD satellite. I've been playing with OTA digital but can't get enough reliability (with indoor antennas) to go OTA only. I'm not into sports, which seems to be the primary weakness with OTA, so it really doesn't make that much difference to me. And as for shows on specialty channels, many of them now stream their better shows, and many of those wind up syndicated to OTA stations, so it's possible to supplement what would be missed. Although the picture quality of HD OTA is spoiling me.
I use a computer as a TV so it's easy to record shows. (I strongly recommend the Hauppage cards for the remote.) I do tend to find with my current setup that it's easier to record off-air than off satellite since I have to program both the satellite box and the computer.
The big downside of satellite lately has been that a lot of the specialty channels that made satellite so attractive have disappeared to be replaced with cheap generic channels filled with reruns. Remember Lonestar? Or Drive-In? Even Scream has become the more generic Dusk. Yet once you start paying for a package you have to actively change it which means getting rid of other stations you've gotten use to.
I could see the justification in a movie channel if you're using it in place of movie rentals. But they never seem to air enough good movies to make the cost worthwhile. And I'm really behind on my movies lately; there's tons of big films I haven't seen.