I wouldn't exactly call Hulu a new model. It's basically broadcast's model adapted for the web. You see premium content (and shows like the Office are premium content compared to many of the home-made YouTube clips) and watch ads in exchange. Likewise, content is only available for a limited time and then it reappears as reruns later.
It's a wonderful service and it's polished like none-other with a great interface and 480p video (very good by web standards). However, its success is more based upon the fact that it's a joint-venture of Fox and NBC who supply it with content that people want to see than its technical merits. I love it, I'm grateful it exists and that it's so awesomely nice to use. At the same time, I can't really draw many lessons from its success. Maybe: get partners with monopolies on good content which will drive users to your site?