I do not have a subscription to Hulu Plus so I could be completely wrong... I believe Hulu gives you access to shows in their current season, while Netflix only has access to past seasons.
As for movies, I don't think there's any comparison that can be made.
Netflix is getting better for TV Shows, but the only show that I know of that it has the current season of is SNL (it gets added the Monday after it airs).
Hulu+ gives you access (or so they say) to all seasons including the new...BUT some content is only available on PC and not available on the iPad App.
They both should have free trials, I highly suggest trying both out and keeping whatever you end up using more.