In addition to enabling playback on various boxes, Hulu Plus features full seasons of current ABC, NBC, and Fox television shows, in HD -- none of that "five trailing episodes" business. Learn more about the new Hulu Plus service here. If you need us, we'll be gathering more information about this service, and also canceling our cable TV.
[Update: Microsoft has shared some details on the Xbox 360 implementation of Hulu Plus, including "controller-free navigation" and support for Xbox Live Parties. Read the statement here.]