We might not have Hulu Plus on our phones (yet) but perhaps the next best thing is here: Bitbop (Beta), who is run by Fox Mobile as a competitor to Hulu and is already on BlackBerry and Android (we beat iPhone).
The service costs $9.99 a month, which is not cheap, especially since you can only watch it on your phone--but you can't beat the selection of shows, all of which are commercial free. Bonus feature includes not only the ability to stream over WiFi or 3G but the option to download the show for later--great for those trips where a signal is scarce. There's also a queue for adding shows that you want to line-up for another day. (Side note: too bad WP7 doesn't have HDMI-out support yet).
The Windows Phone 7 version comes with a full 60-day trial, which is quite generous actually and from our brief test run, it's pretty awesome. The UI is done very tastefully and it's fairly easy to navigate--for instance, this is the first app we've seen to take advantage of the "letter square" system like in your contacts, but for finding shows.
Also, if you feel burned by the official Daily Show app, you can watch that and Colbert on here in its entirety (although getting to the latest episode is awkward). App is available here in the Marketplace (free download, free 60-day trial). This is technically a beta (v0.9) so expect some early glitches.
Update: Onlay available in the U.S. Sorry, you know, the rest of the planet.
Update Part Two: Also, check out our video tour of Bitbop here.