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).