I just started my one week trial of Hulu Plus, so I'ma bump this one rather than make a new one.
Considering how much stuff I've already crammed into my queue, it's pretty much a foregone conclusion that I'm gonna stick with it past the free trial. Being able to start watching something at work and finish it at home on my PS3 is pretty awesome.
What really sold me though was the fact that they've got entire TV series (Family Guy, X-Files, The Office, Buffy, etc.) of shows I love, as well as some older shows I never really got to watch or just plain don't remember (I Spy, the original Battlestar Galactica, Greatest American Hero). Also, british shows.
So far I don't see a downside. It's money much better spent than buying dvds or mucking around with DVR. I haven't encountered commercials yet, as the only thing I've watched is the first season and a half of Family Guy (I've heard there still are commercials in other things), but that's not really a big deal for me.
Only thing is that this is really my first experience with streaming video to a game system, and I've noticed the very occasional (like once every one or two episodes) skip of like a second or less. Doesn't bother me, but I'm hoping that's as bad as it gets.