Yeah, looking at the options since cable is so expensive and I probably only watch 10 or less of the channels anyway 95% of the time. I would get the major networks and some live news to supplement Netflix and Hulu as I stated, plus they would be available if the internet goes out. For the most part its free after you buy the antenna and install it.
Where I am in northwest NJ, I'm well within range of the major stations out of NY (~ 40 miles) and possibly Philadelphia, although at this point, the HD quality would be in question. Not really looking for a budget antenna since a month or two of saved cable bills will buy a decent long range antenna. TV has no built in antenna and there is only a few 'local' channels within 20 or so miles.
Also, looking at either mounting the antenna in the attic or on the roof. I'm sure the roof is slightly better for reception, but wonder about weather/wind issues.