If anyone reading this has ever watched a movie and disliked the ending then they probably imagined how they would rather it to have ended. Also many movies, and TV shows, are based off of books so the audience must use imagination to understand, compare, and "opionize". I know from personal experience that learning things form a TV is often easier than learning from a book because many people (myself included) are more visual, which also explains why many people like TV more than books. However, TV and movies(and books) can be over used or misused. If your watching TV just because you don't want to do anything else and not because you want to watch for a purpose then you're obviously not using any imagination at all.
As for what Shakespeare would think of TV. I'm sure a man of his intellect would understand its uses, but would despise it for being a "lesser version of live theater". I also doubt he would like the fact that it has distracted the greater majority from "true art"(meaning live theater).