Putting the TV Broadcast Spectrum to Better Use?

KoshClassic asks: "Recently, on the NPR show All Things Considered, an interview was broadcast with Thomas Hazlett, formerly the chief economist of the FCC. Although short on details, Mr. Hazlett raises the point that, with the high penetration rate of cable / satellite TV into American homes, broadcasting television over the air has (or soon will) become superfulous and that this portion of the radio spectrum could be better utilized for other purposes. What do Slashdot readers think of this idea and, for those who agree, what alternative uses of the broadcast spectrum would you like to see?"