Shopping list

ooma telo phone system 150.00

HD 4400 UHF antenna 21.89
YA 6713 Yagi for vhf x 2 60.00
Jointenna x 2 for ch 8 & 10 11.00
Digital converter boxes x 3 140.00
10 ft 1 1/4 pvc pipe for mast 2.50
Hauppauge 1183 HVR 1600 109.00
RG6 cable 20.00
Cable Total 361.00

Total investment 510.00

Monthly savings by eliminating Time Warner digital cable and phone 120.00
Time to make up cost = 4.25 months

You can probably find cheaper converter boxes than I did and if you have an hdtv with a digital tuner, you dont need the pc tuner card at all (but you miss out on the dvr functionality). You could cut $150 of this cost out based on your setup. You may also need different antennas based on where you live so this is just my experience
All in all, four months to make up the cost and lose very little functionality is great!