Well, you know. A lot of libraries nowadays really do have a "just give 'em what they want" philosophy. If usage stats are key--either for your board or for your funding sources--maybe you'd want to be a little flexible on the point. Besides, "The Sopranos" really is quality fare.
I try to avoid the "get it at Blockbuster!" retort, because I don't really feel I can assume that just because someone can afford a VCR (or DVD player), they can afford a lot of rentals. So serving my public really may involve including SOME television product in the video collection. Preferably good quality TV product, but TV nonetheless.
But ultimately, it's up to each individual library or library system/consortium to come up with a system that works for them. You know your community, your policy and your budget. No one should make that decision for you. On the other hand, I really don't other librarians jumping down my throat for stocking THE SOPRANOS or a season or two of THE MARY TYLER MOORE SHOW. (I actually have the former, was considering the latter.)