Youtube vs Hulu. I don't actually know anyone who swears by one or the other because they actually offer rather different services.
I think most people are aware that hulu is now owned by the networks who are allowing their programming to be distributed via the site with little commercial interruption. Things I like about hulu is that it's really clean, easy to navigate, and the search function usually sends you right where you want to be. Things I don't like about hulu are that not everything is available or only available for a limited time before only clips are posted. Personally, I wasted time watching Family Guy clips because I needed a pick me up. Also, hulu is far more inclined toward television watching then feature films. I wonder how much of that has to do with licensing or budgets? (Most television series don't actually make money, they're supported by the shows that do in contrast to movies which do tend to actually turn a profit.)
Youtube on the other hand is a little wilder. A little more indie if you will. While mainstream media can have their own channels on youtube, apart from removing videos for copyright infringement, they can't control who posts what. Things I like about youtube are that anyone, including myself, can post videos and gain exposure, you can be exposed to some really interesting and hilarious videos you may not have found via MSM, and youtube tends to have some dated videos you can't find anywhere else, like old music videos and the like. Things I don't like about youtube is that anyone can steal any video and post it as their own with little if any consequences, there are tons and tons of videos that are just plain unnecessary, and searching for a specific video can take a lot of time and effort if you don't know exactly what you're trying to find by it's title.
Frankly, I think it's really hard to compare the two sites because I personally use them for different reasons, and when it comes right down to it I don't bother with hulu anymore since I use netflix for all my film and television needs, and while yes, I pay a $8 a month for the service I can watch all the tv and movies I want with no commercial interruption from a huge selection. I think youtube will continue to thrive because it's user generated content, but hulu not be as successful in the future.
Lastly, search the user freddiew on youtube. His page is hilarious and his editing skills are rather impressive, it's what I spent my time watching. :D