After waiting most of the day for approval from Hulu PR, I can now post a hands-on evaluation of the beta, which was officially announced at midnight Sunday night. (When registering, the terms of service repeatedly failed to load, meaning that I had no idea if Hulu would make me watch old episodes of The Littlest Groom if I posted content without permission.)
The verdict: Broad? Extremely. Deep? No. If you were hoping for some magical archive of TV episodes, forget it. This is why piracy is winning, people. But give Hulu credit: what it does, it does well.
Fortunately, the site has learned several key lessons from the Web 2.0 design gurus: keep it clean, keep it simple, and organize it well. While you won't find any user-generated video here, both studios have presented their gems, front and center. Take for, example, the once-lost version of Saturday Night Live's "Lazy Sunday: The Chronicles of Narnia":
And that's one of the nifty things. Video can be embedded into blogs. Sure, you'll still end up watching the commercials, but that's the tradeoff. Oh, and design for widescreen.
Only the last aspect needs some more work. If you're looking for a certain show, clicking on the "Browse Titles" link at the top of the page will bring up a list of shows, each adorned by a small banner icon. No preference is given to either NBC shows or Fox properties; each is treated equally.

But Hulu made one mystifying decision: in the page marked "Popular Episodes," the user is ...