It’s safe to say that live-TV streaming services—the kind that let you cut ties with your cable company—are booming. Earlier this year, Dish Network launched its $20-per-month Sling TV service, which streams live network and cable programming at a significantly lower price than most cable packages. Apple is rumored to launch a similar service later this year. And PlayStation Vue, which launches today in three major markets—New York City, Philadelphia, and Chicago—gives cord-cutters yet another viable option. If only it weren't so expensive.

After spending a short time with Vue, I can say it has plenty going for it. First on the list is a slick interface that puts most cable boxes and smart platforms to shame. While it only provides IP delivery of live and on-demand shows from major channels to PS4 and PS3 owners for now, Sony says the service will soon launch on the iPad as well.

Compared to Sling TV, the Vue service is both more extensive and more limited, in different ways. The good news: The base package of channels includes 55 networks and sports channels, including CBS, NBC, Fox, TNT, TBS, Fox Sports 1 and 2, NBC Sports Network, Comedy Central, Cartoon Network, MTV and MTV 2, FX and FXX, and Food Network, among others. Sony says AMC programming will also be available in April. Sling TV, by contrast, starts you out at 17 channels, with package upgrades that can fill out your lineup to 47.

Step-up packages include regional sports cable channels delivered via streaming, such as the YES Network in New York and Comcast SportsNet in Philadelphia and Chicago. A full-tilt Elite package gets you more than 80 channels, including regional Fox College Sports channels.

There’s another big plus with Sony’s new service. Compared to Sling TV—as well as many set-top boxes and smart-TV platforms—the Vue interface is sharp and reacts fast. There are several ways to organize and navigate your content beyond the channel guide. Based on what you pick as favorites, Vue creates a video playlist that acts like your own custom channel, playing a bunch of your favorite shows in a row. There’s also a cloud-based DVR that won’t eat up your storage space, and on-demand viewing for many shows. Vue also lets you filter shows based on their content rating, and there’s a slick search interface that eliminates a lot of typing after the first few letters. All of these binge-friendly features should play well with couch potatoes. Sling TV, meanwhile, lacks a DVR feature altogether, and its interface is competent but basic.

Those are the great parts of Vue, but there are a few major limitations as well. First and foremost, it’s only available on the PS4 and PS3 at launch; it’s optimized for a PlayStation controller, and the service is only available in those three cities at launch. It's planning to expand, but Sony wouldn't say how quickly or how far. And while the total number of channels is impressive, there are some huge gaps in the arsenal. There's no ESPN and no ABC, for example, which means Vue stops well short of solving many cord-cutters' biggest dilemma: how to watch live sports.

The biggest reservation about Vue, though? This cable-cutting service costs just as much as cable. The base package, though extensive, costs $50 per month. The step-up “Core” package with YES Network or Comcast SportsNet is $60 per month, while the full-monty “Elite” package, with all 80+ channels, will cost $70 per month. In other words, it’s not really cable-cutting in terms of price; it’s just paying for cable over IP—without all the extra channels. By contrast, Sling TV starts at $20 per month—including ESPN—going up to $45 for the full 47-channel slate.

If you squint, there are a few tiny benefits over cable. You can run everything through a single box, and PlayStation owners won’t have to wait for someone to come install or fix their service. According to Sony, it’ll also act as a cable service in other ways: You’ll be able to use your PSN login info instead of selecting a cable provider when watching "TV anywhere" apps on other devices. The company says it is exploring including the service on other devices in the future, such as set-top boxes and TVs themselves, but launching on the PS4 and PS3 gives them immediate access to around 20 million potential users.

Expensive and limited as it is, the tech is promising. It’s also a major advance for the entire nature of streaming services. For years, TV watchers have been able to get by with streaming services such as Netflix and Amazon Instant Video, but live programming—especially sports—was the glaring gap. Now, streaming services are closing in on cable companies in terms of live content available, and cutting cable requires far fewer compromises. But in this case, even if you happen to live in one of the cities Vue exists and own a recent PlayStation, the price is perplexing.

The good news is, both Vue and Sling TV come with free seven-day trials, so you'll be able to see for yourself which—if any—over-the-top TV service is right for you (and your wallet).