"I understand Hulu allows you to see current programming on channels, maybe a day late?"
True, at least for some current shows, but Hulu Plus also shows old TV programs, such as Seinfeld.
And older HBO shows, such as The Sopranos and The Newsroom, are available over Amazon Prime. And when viewing these older HBO shows, you do not need an HBO subscription.
"So, if I got the antenna, I could drop cable?"
Only you can answer that question, based upon what you want to view.
An indoor or outdoor antenna will give you the primary local channels, along with their sub-channels, whatever they're called.
But it's not like the olden days. Since it's digital TV, it's binary, meaning that the reception is either perfect, or it's non-existent. No in-between. It's not like in the past when an antenna could bring in a station that was a bit snowy, but the reception was good enough.
When watching the NFL on Sundays, sometimes I have to move the antenna around to find that sweet spot.
Your success with an indoor antenna may depend upon the construction of your residence, your surroundings, etc.
Some people get by fine with a $20 antenna while others may need to spend more on something fancier. I don't remember what I spent. Our antenna is from RCA. It's a thin square. I think that I grabbed the first thing that I saw on a shelf at Best Buy.
I have only about a month of over-the-air and regularly-scheduled TV viewing left. Once the Super Bowl ends, I won't need the antenna until next fall. Although I may watch more of that Create channel.
I don't watch news on TV, therefore I can't help with your CNN question. I get my news over the web.
I watch less TV each year because of our growing list of other interests. Every year, we try to learn a new activity. Not enough time in the Earth day. I should try polyphasic sleep. 20 minute naps every 4 hours.
golddustwoman, do you know anyone who is using Roku, Apple TV, Chromecast, Fire TV Stick, etc? If so, then watch TV with them for a bit to see if it will meet your requirements.