For streaming video, Hulu's biggest draw is that it offers current TV episodes while Netflix offers a richer library of movies and TV shows. Many of these shows are available on TV and cable.
But if one was to pay for both Hulu Plus and Netflix streaming, the cost would come out to about $16 a month. This beats most cable packages that I've been advertised to in the last year.
For a fraction of the price, I get most of the shows I want to watch. SyFy shows, a few Primetime shows like Castle and Fringe. Oh, and dynamic duo of Stewart and Colbert are back (yeah, yeah, I know I can watch them on Comedy Central's website - but this is about convenience).
And I'm winning to bet that Amazon might get in on the act.
So who needs cable and satellite TV anymore? No wonder they're scared. No wonder the studios are having to figure out what they need to do about new media.