Have You Heard or Used Boxee ?

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My hubby grabbed me to watch the TV showing Boxee Box that is out in the market. I really don't know much how this one works but was browsing through forums and still am confused. It says you can hook this up on TV and watch movies, live news on local and international channels, sports etc., through Boxee Box, so hubby and I thought that we can cancel our cable TV subscription that is costing us an arm and a leg monthly if this really function the way TV does. I would appreciate your input on this. Thanks.