There were serious rumors that Hulu was in talks with Microsoft for exclusive rights for the Xbox, but Sony seems to have beaten them to the punch. Sony is in final talks with the Hulu people and it looks like, for a price, you will have another streaming option for your PS3. Hulu may still be coming to an Xbox near you, but not in the immediate future.
Recently Hulu, which has previously been free, has been toying with premium subscriptions for around $10 a month. The benefits of paying for a subscription have been more content and fewer commercials, now they are bringing that business model to your PSTriple.
While the PS3 already has Netflix capabilities Hulu would be a big boost as far as TV shows go. Netflix can sometimes be a bit stingy and erratic when it comes to TV shows while Hulu has tons of your favorite programming available soon after it airs on TV. Hulu also has a decent catalog of movies too, but no where near as extensive as Netflix.
I would say if you are into movies (Which I assume you are reader otherwise I have no idea why you are wasting your time here!) Netflix is probably still the best route. But if TV is more your bag Hulu on the PS3 might just be what you were looking for!
And if you like both well use both! Who am I to judge?