I recommend--None of the above!
Between what's available for free over the air, and for free or very cheap over the internet (which can be connected to your television rather cheaply and easily, while maintaining HD), there's no need to pay the exorbitant cable or satellite fees.
All the main broadcast channels are available for free over the air, and in most parts of the country they're in HD.
Need your fix of shows like The Daily Show or The Colbert Report? They, and tons of other cable channel programming, is available for free on the channel's website.
Want past seasons of most TV shows? You'll get them for much cheaper via Netflix (via either download or DVD-by-mail) than you will paying for cable.
Want current seasons of many other TV shows? Many are available on either iTunes, Amazon.com, Hulu, or Hulu Plus a day or two after their initial broadcast, again for far cheaper than cable.
Want to be able to use a DVR with your over the air broadcast programming? Tivo works great on those broadcasts, and costs a fraction of cable.
Even if you like live sports--many people underestimate how much sports programming is on broadcast TV, as they've become so accustomed to thinking broadcast channels are on cable, not free over the air. And depending on what your sport is, you may still have options--for example, mlb.tv was $80 for the 2010 season, and allowed you to stream nearly every regular season game via the internet in HD. And if you get your internet from certain providers, you also have free access to ESPN3 via the internet, with lots of live sports programming.
And even if that's not enough sports--for example, if you can't live without Monday Night Football--you'll still be better off going to the local watering hole once a week to catch the game. Why give your money to your television provider when you can instead use it for brews and burgers?
The following article is definitely a good read...