Seems pretty straightforward to me: Hulu has a much smaller catalog than Netflix, and is watchable on a lot less hardware. The only content they soundly trounc

Seems pretty straightforward to me: Hulu has a much smaller catalog than Netflix, and is watchable on a lot less hardware. The only content they soundly trounce Netflix in is "current" TV shows, but how many people a) prefer watching TV on their computer over paying for cable TV + a DVR, AND b) prefer paying Hulu for that privilege over just torrenting everything? I don't see how Netflix is competing with YouTube at all.