Reading http://www.dtv.gov/ it's not a good investment as sometime in Feb 2009 you'll be able to get that antenna for free. Not that it will do anyone any good.
What kinda of antenna would I need to pick up the regular free channels (ABC, CBS, FOX, NBC, etc.) if the physical location of those stations are over 50 miles away?
Is there a indoor antenna that can receive signals from that far? Or would I have to purchase a large outdoor antenna?