Your comment has me thinking... I hope the major networks they are planning to offer, allow you to access the local stations? I live just far enough out that a digital antenna can't pick up the local channels... and yes, I like them for the news and a couple shows that I enjoy during the week. But I really want my local news the most.
Otherwise, I'm guessing this is going to come with a new Apple TV box too. Something with some local storage? Full iOS that support gaming? Web browsing? Email? Oh heck... do that and I would imagine many people could dump their home computer and just have iPads and Apple TV.
Maybe that's the ultimate plan here???
I would say DVR and Cable will ALWAYS be preferable to Internet Only services. You can easily fastfoward over commercials, you can fast forward/ rewind without getting stuck in Buffering Heck. Not only that but you don't have to rely on a shaky Internet Connection to watch TV.