While Hulu does have commercials, I still don't mind using it. Typically, when I watch a show on Hulu vs. on television, it saves me 10-20 minutes. I like that Hulu allows you to watch full-lenth episodes and it is reliable. There are many other websites out there that supposedly allow you to watch episodes, but you have to click through several screens to get to the actual video. Some of those times, you aren't even taken to a video that works, wasting a good chunk of your time. I like the fact that Hulu has a better resolution when you enlarge the video playing to full screen. I frequently watch TV shows on my labtop, so this is very convenient for me.
Overall, I think both YouTube and Hulu have their benefits and disadvantages. YouTube is good for short films, especially if you don't like commercials. Hulu is beneficial when it comes to watching longer shows, and despite the commercials, it still saves you more time than if you were to watch a program on TV.