Hi PJL,
Thanks for the reply. Just did some tinkering with custom bundle setup on Verizon's site, it turns out that adding the Local TV plan (15 channels) is free at the moment for me - great news. So basically, if that's all I need and have no need for VOD/guides/etc. I also don't need to add any set top boxes -- do you know if this is true?
Basically it would be just subscribing to the internet along with 15 local channels that I'd have to scroll through manually with my remote as if I was receiving them over the air. Normally I would just go for OTA broadcasts, but reception in my area is very poor so this is a good alternative for me.