Let's see, what's on cable/FIOS/satellite that's different from this Hulu;
--Lots of content in HD
--PPV, also in HD
--Local channels, including local news
--Lots of other channels; is Discovery, Bravo, Food Network, Cooking Channel, Speed, TBS, etc on Hulu? All of the shows?
--Sports
I agree that if all you want for TV is to watch 30 Rock, Modern Family and Glee on your computer screen then Hulu might work for you.
If on the other hand you want loads of different choices, HD, local channels including news and sports, and have a large HDTV and want the best 1080p picture, you're still looking at cable/FIOS/satellite with a DVR box as your best choice.
This won't last forever, someday you'll be able to buy channel subscriptions a la carte directly from the provider and stream via the internet to some sort of computer/set-top box hybrid. But today isn't that day.