I have 3 TV sets in my house. One is hooked up to satellite (living room), one (bedroom) to an antenna in the attic, the other (kitchen) on rabbit ears.
I bought one "converter" box a year ago, so unless I buy another, one TV is useless--the bedroom $75 Wal-mart set.

I'm no engineering wizard, but it was a piece of cake to install the converter to the kitchen TV. I have two observations so far. One is that the picture is great! Station reception is far better than analogue, even on rabbit ears.
After scanning for channels, I've discovered many stations broadcast in more than one frequency, i.e., Indianapolis' CBS is Channel 8.1, 8.2, and 8.3, the latter two showing constant weather forecasts and radar. I like that! My DISH TV can't do that. Furthermore, depending on weather factors, I can receive UHF receptions from cities over 100 miles away (Chicago, South Bend).

Two drawbacks: sometimes the reception cuts in and out, and the picture screen image has shrunk to about half--squared off--for some reason. Overall, it seems worth the $10 cost for the conversion (with $40 rebate) to new-age television.