Terra nova got cancelled? Crap... Oh well, it was cool but the overall story was moving soooo slow. Actually, now that I think about it, that's the problem with many series. They set up this interesting premise but than they milk it for soooooo long. Focusing on some trivial occurence every episode while only teasing the actually interesting storyline.
This is one of the many reasons I love doctor who so much: what dollhouse dragged out over a whole season, doctor who would lay out in 1 episode.
As for tv as a whole, I can say I've barely watched any for years now. Internet has pretty much completely taken over it's role. Why?
A) I can watch whenever I want. I don't have to match my working schedule to the tv programmation or have my family back home record everything (I live in a dorm monday to friday).
B) I can start at the first episode and catch up from there, even if the series is already running several seasons. In fact, that's even better because it means I'll have a decent supply to chew through before I get to the point where I'll only "get" one episode a week.
C) Living in Europe, many great series are not broadcasted here AT ALL. Game of thrones, just to name one. And the ones that are, are usually one season behind compared to the states.
So what about disadvantages than? well tv has better image quality and a couch still beats an office chair. That's about it.