I saw this spot on TV about Hulu last night, and got quite interested. It's an interesting idea: at the cost of watching a few ads here and there, you get to watch TV shows and movies for free (or at least it seems to be).
It's a pretty big tax on your network connection (as the movie is being streamed to you), but it seems to work well. The video quality is passable (all of you HD people out there might be a bit disappointed, but I've noticed you are all disappointed easily for some reason), and the sound is also passable (you audiophiles can take a look at the HD note and apply to yourselves). The selection of videos is quite broad (a big woohoo for "The Big Lebowski").
Perhaps I'll update sometime on my trials and travails of Hulu, but I'll probably just forget about it in not too long. I put future in the title of this entry ... I should probably take that out cause I don't really know the implications of Hulu on the future (as there are probably none).