Devin, excellent topic. To answer your initial question directly, I think that some people will be forced, through economic circumstances to give up these things and others will choose to. I know I just paid a $140 (two months' service) cable bill the other day, and I'm really beginning to doubt that it's worth it.
You will all have to forgive me for viewing this through my usual filter, but I'm sitting in a library right now and, as we're talking about the exchange of information here, it seems apt.
During times of economic hardship, library use goes through the roof. My colleagues in the 1930s were up to their eyeballs in people who needed help/entertainment/education/distraction and, based on what's happening around me every day, I'd say there isn't going to be a dull moment around here for quite some time. The internet has been added to the mix, but, from where I'm sitting, it's the same problem all over again.
Libraries are local, free, and give you access to all of those things that, from the perspective of a family budget, fall outside of the limits of bare necessities. Problem is, some of these things are very nearly necessary - you need a way to look for a job and read the paper, you need some books or other entertainment for your kids, and it'd be really nice to have something to amuse you on Saturday night if you can't afford to go to a movie/go out to eat.
Companies that provide entertainment, information, and communication resources to us thrive on our greed. They do well as long as we insist upon owning something, whether it be a cell phone, our own high-speed internet connection and computer, or 250 channels. I think that times of economic hardship force us to step back and realize that, no, we don't really need to own these things to have access to information, but that we can support organizations that allow us to collectively own these things. Economically disadvantaged people have already learned this lesson; the rest of us just have to get on board. We can still have wireless internet and every book, newspaper, and magazine we could possibly want to read, we just have to make a change in the way we think about "owning" these resources.
Brass tacks: keep an eye on the way that your communities fund/support your local public libraries and go get a library card. There's a really obnoxious tendency toward privatization and individualism in our culture right now that is undermining the presence of public services that we really, really need.