dclegg: For reference, we also regularly use Netflix, HBO, and Lightbox, and find that Hulu still has a place in our TV watching ecosystem.
Yes, this is a good way to look at it - as part of a viewing ecosystem. On its own Hulu would not fulfil all my needs. I pair it with Netflix and between the two of them, plus what we get via Freeview channels in NZ, it pretty much covers everything I want to watch. I've got a much bigger range of stuff to pick from at less than half what I was paying for Sky.