This misses the biggest "wtf" moment for me as a netflix user when I first started using Hulu plus (ie I was actually paying for the service): there are still ads!
I often find myself starting to watch live tv shows about 20 minutes late and playing it as it records so that I can see the show the night it airs _and_ avoid ads.
When Hulu will let me do this, I'll drop cable. (that said, I realize the premium I pay for these privileges and others with cable is steeper than it should be)