You're in luck! Hulu Plus is coming to Xbox! I know several people waiting for that as they, like you, already have Netflix on the Xbox, and use it as their DVD player/media/entertainment center.
Great news, thanks. I use the XBox for Netflix, but the PS3 for other video, especially since it does Blu-ray. Now I'll be using the XBox for Hulu.
Too bad not in the livingroom for a while though. That one just broke (suddenly won't sync with the controller) and Microsoft wants $110 to fix it, plus tax, plus what I pay to ship it there. The Indian support guy was unintelligible, unhelpful and supremely annoying. No-go. BTW, Apple uses call centers in California and Texas, staffed with Americans, for American support. I believe Nintendo is the same.