Why Hulu? It's the question many will ask. What does Hulu do that neither NBC or Fox can do separately. Whether Hulu can offer to NBC or Fox what You Tube can't is the ultimate answer. The other networks are employing different strategies to provide program access on the internet.
To me, while the web can act as a VOD method to catch shows that you missed on the TV, it should also be used to provide relatable content that augments the show, interactive games, additional footage, background info, that furthers the experience of the show itself.
So if the show is 30 Rock, the episode can certainly be repeated on the web, but how about additional footage of the secondary characters, like the writers of the faux show, to feel immersed in the 30 Rock experience. Now why this experience needs to be accessed thru Hulu as opposed directly through NBC.com or 30Rock.com, will determine whether Hulu as a new business lives or dies.