On his blog: emet / truth at: http://www.emet.blog-city.com/, Rael Levinsohn has an excellent overview and self examination as to whether broadcast television entertainment is an appropriate medium for observant Jews. I recommend everyone read it. I think it captures the dilemma that many of us have with regard to TV watching.
As a Centrist, I am four square opposed to banning it and my position is similar to my position on the internet. TV, like the internet is a valuable tool but contains many Michsholim. But unlike the internet, broadcast TV does not have either extreme. On the one hand it is somewhat censored and the other hand it doesn’t have anywhere near the value of the internet.
The programming on broadcast television even though subject to censorship has become increasing lax in its standards. It has sunk to a level of immorality I could never have imagined even five years ago. The frequency sexual content of a typical program is very high. In short there isn’t much to watch that is appropriate for a Torah based home.
So why do I support owning one? I support it for the same reasons that I support having the internet in the home. There is some programming that is worthwhile both which is either educational, informational, or both. There is also entertainment programming that allows one the luxury of relaxing while getting some insight into a point of view that sometimes even reflects a Torah position, although most times, it doesn’t. There are other reasons as well such as the educational programming for children on PBS channels or news programming which has advantages over the print media and radios of having visuals that can often say more about what is being reported than the words themselves
Since there are times when one wants to simply crash, there is nothing better than watching TV. But one needs to be careful about one watches. That is the reason VCRs were in vented. This way you can skip any objectionable material such as commercials.
(...and more recently DVD recorders or “Tivo” that completely eliminates it from view)
The bottom line is that it is all about responsible use of the medium. My Rebbe, Rav Aaron Soloveichik owned a TV until the day of his death a few years ago. And he would often reference a program he saw that was relevant to a point he was making. At the same time he condemned the immorality that predominates much of the programming in the same fashion as many other Gedolei HaDor have. The difference is that his solution was not to throw out the medium. His solution was to use it responsibly. And that is my position as well.