There is a lot of content on FTA, however much of it is either foreign, religious or really strange. In my opinion the best stuff to watch are the raw news and sport feeds. Nothing is more exciting than watching a news anchor put on their makeup, pick their nose and talk "off camera"

During major incidents such fires, hurricanes, plane crashes, car chases, etc. you can often watch coverage from the local affiliates and/or view the news helicopters' video downlink. There are also international stations such as IRINN, BBC World, Al Jazeera English and Press TV broadcasting in the clear. These are always interesting to watch if you want to see how news is presented from the other side. If your a news hound you will absolutely love FTA.
As for equipment, I use a Traxis DBS3500 receiver for feed hunting. It's super cheap and has super fast blind scanning. For the 4:2:2 feeds I have a Twinhan 102g PCI card that's linked with a program called DreamDVB to view content on the computer. I have a 36" Ku band dish hooked to a USALS HH motor so the dish can be easily positioned. There is even more to be explored on C-Band but I don't yet have the space to put up such a large dish.
Check out Lyngsat for a better idea of what you can watch
North & South America - LyngSat
Ricks Satellite Wildfeed and Backhaul Forum is another good source for feed information
Ricks Satellite Wildfeed and Backhaul Forum
You may also want to visit the SatelliteGuys forums for additional info and receiver reviews
Free To Air (FTA) Discussion - SatelliteGuys.US
Good luck and enjoy the hobby!