I actually see this in perspective.
Depending on the amount they're offering, you're pretty much getting cable on demand for 10 dollars a month. That's not THAT bad a deal when you consider that cablecos are still charging quadruple that for extended, not even digital, cable.
So it depends on your habits.
If you're satisfied with watching whatever's on Netflix, that's fine. It's probably what I'll do actually. Most of Netflix's streaming content is garbage though.
If you're content with renting/buying seasons on DVD, that's cool too. Not everything's on DVD though.
If you can catch what you like on Hulu's free service, they aren't taking it away, so do that.
If you really like channel surfing and knowing you have 400 channels when you watch 5, enjoying paying for that.
This is just another option. Don't like it, don't buy it. I'm waiting for them to really expand their library before I'm willing to pay. I'll be impressed when they have entire network lineups up and we can finally ditch cable once and for all.
I mean, seriously, what do you people expect? Entire series for free on demand? The networks are charging them to keep this content, they also need servers to store all the extra content they're now keeping, and the connections to properly stream it. Advertising paid for the free service, but it won't pay for this extra burden that holding onto so much extra content brings. I really don't think the Hulu execs are going to be buying gold plated toilets on 10 dollars a month.