The existing Hulu site can’t be used without a mouse anyway: it relies on telling the difference between hovering with the mouse vs. clicking. Touchscreens have no such concepts—it’s always a “click.”
Ditto for most Flash sites. They’d need to be redesigned anyway for touchscreens—so of course they’ll use something other than Flash, when 99% of the touchscreens in consumers’ hands don’t run Flash, and the other 1% do but it sucks away battery life so you can’t get through a movie!
YouTube and Hulu on iPad, and more free games than you can shake a stick at. Flash will not be missed for long.*
* But I trust it WILL be around a long while on desktops, as ONE option for a site, as well as for standalone things like kiosks. I expect it will go the way of Director: a tool for certain things, not for "everything.” (And as a Flash developer by trade, I hope it doesn’t go ALL the way Director went: a tool for nothing! If it does, it won’t be soon.)
Where Adobe could shine is in making Flash TOOLS for developing those certain things. And right now, Flash as a tool is pretty horrible. I’d love to see it become awesome—and then see that same tool support SVG etc. in future. Adobe’s sales of Flash would stay strong and we’d all benefit.