Maybe find a way to navigate to Hulu.com and make your iPhone appear as a "mac" or "computer" instead of as a "phone?"
I thought of this because sites like http://www.facebook.com will ask before you access it "View as Mobile Site" or "View Full Site" maybe there will be a Cydia app soon that will mask the iPhones IP or something so your viewed as a computer and not a phone.
there already are several apps that fake your user agent. try uafaker there is an sbsettings toggle for it too. i think you can make safari think you're pretty much any browser. but to answer the initial question i've already tried hulu and it doesn't work
did comex update it? if he hasn't then I can tell you that even w/ uafaker hulu videos won't play w/ frash (I tested it myself long time ago)... Frash is just basic flash that works like flash in android 2.2 (since is an incomplete port of it).