I've seen that life does actually get a bit difficult in certain ways when one doesn't keep up with news, especially anything related to taxation and other policies (related to real estate, automobiles). So I still check a few online news sites once every two days or so for the headlines alone.
In general, staying away from these sources reduces what I feel as "internal agitation" that usually bleeds into many other activities (while being in the background). I would anyday recommend people to get off standard cable TV and also news, and instead making choices that are a bit more involved. The mental peace thus obtained alone is worth it!
P.S.: Slightly related is giving up surfing the web itself, which my mind (that's been modified to have a low attention span due to years on the web) would probably benefit a lot more from.