Yeah do it. There's even a cord cutting website devoted to it. You are in complete control with your own kit and will start making ongoing savings after about 12 months. Humax boxes last forever.
I switched just before Christmas, using a device called an HDHomerun which is a 4 channel Freeview tuner that just connects to my home network, then use Plex software on devices so I can watch on any iPad, iPhone etc. around the house (or out of it), can record on my NAS box (which gives me basically unlimited recording space) and then view on the TV using an AppleTV box or other streaming device (I can even set it up to watch on TVs away from the home).
Obviously that's fairly technical but a standard Freeview recorder will give you reasonable recording features, not as good as the TiVo\V6 software (as some of the features such as wishlists are TiVo patents) but at least as good as Virgin's 360 box.
You do lose a few channels and get slightly less HD channels, but TBH the vast majority of my viewing was on the main 5 channels anyway, so haven't missed it at all. I'd definitely recommend a recorder over relying on streaming though, things often disappear from catchup quite quickly and other than on iPlayer you're looking at sitting through tons of unskippable ads.
