Over The Air Television Experience

[Valtepec]

I am looking into cutting the cable chord and going to OTA only.
I'd like to ask the members what has been their experience with their setup.
Here are the few key questions that come to mind:

1) Is your reception generally good, how good? Does it vary? How much work (e.g. rotate the antenna?) is it?
2) Is the content satisfactory?
3) What do you miss the most about cable?
4) Is there a DVR in the marke that I can use (non-Tivo, non monthly subscription) to tape my fav shows?
5) If I have to mount an extenral antenna, how much money should I budget?

Thanks for your help.