We're doing a variation right now. In my house it's the 1970's - cartoons/tv only on Saturday mornings and no xbox. Attitudes had gotten lousy so we removed the trouble sources :)
They can play with their ipods if all homework/chores are done and attitudes are good, but since they always forget to charge them it's not working out so well for them. I'm also letting them do educational stuff on the computer (ds learned how to build paper ninja stars and modify his beyblades to spin faster on youtube over the weekend). It's been very peaceful and quiet the last few days, lol.
I haven't asked family/neighbors for their opinions, I don't care what they think. However Grammy is coming to visit on Friday and she has the tv on 24/7, so this is going to be hard for her. She can still watch, but it has to be upstairs in the media room with the door closed, which is probably going to tick her off but oh well!
ETA - this only applies to the kids. DH needs his phone for work 24/7 (factory in China) and I need my phone/computer for work and to manage ds's soccer team daily. DH and I don't watch a ton of tv when the kids are up anyway.