Since we are talking about grey area already, i'm gonna share my experience with a "pirate IPTV"
First of the cons, well since is pirate thing you can't complain about the service, some channels will go up an down, the image quality is not gonna be HD it wil be btw SD and HD, there is ocassional freezing.
The good thing, is you get access to channels outside the USA, like TSN, Eurosports,sky sports etc.. and that for a price that will be $108 a year, Will be since the service i benn using is doing a free trial..
Heres is the link for more info:
http://ftazeta.com/iptv-only-general-discussions/