I don’t own a TV or listen to commercial radio (though I do watch TV and listen to non-commercial radio, like KEXP.) I also don’t frequently consume magazines except when I’m stuck somewhere with nothing else to do (doctor’s offices, gyms, airports, bathrooms, salons).
This means that while I’m pretty culturally literate (IMHO), I miss out on things that aren’t widely discussed in my corner of the Internet.
This means that I miss out on televised news unless I bother to watch a YouTube video. And I admit, I really don’t care to given the little that I see in my 60 minutes at the gym. I mean, from what I understand, people are going to town hall meetings, yelling crazy, nonsensical and dissonant things that stem from blatant lies being told by other people? What more do I need to know?
So yeah – I watch my TV without commercials thanks to DVD, Blu-Ray and download, get my news from news websites and blogs, get my entertainment news from the check-out lanes at the grocery store, and read magazines when I’m in purgatory. I like my way of life. It allows me to spend time with my husband cooking dinner and getting 8 hours of sleep.
Of course, YMMV.
Iron Head Jane 
I own a TV (and watch things on it for at least a few hours almost every day; usually not as they are broadcast, though, as I prefer it as a conduit for things on DVD) and I don’t watch TV news, either. But I probably comb news sites online for as many hours as I am watching serialized genre television programs. I am a news junkie and have been since 9:15AM PST, September 11th, 2001, when I decided to casually peruse Google News before going to work.
Not much more that you need to know, except maybe that Sarah Palin is doing everything she can to make the irrelevancy-screeching misinformed even angrier with extensive, semi-coherent lies.
Thankfully, I’ve got our lovely IRC channel to keep me up on some of the more interesting political antics (thanks to Benson and Darwin.)