Hulu is now offering commercial free service for 11.99 / month. (Regular/ with commercials is 7.99 / month)
I actually have been a paid subscriber for a while and also picked up their Showtime package.
They have a good number of current shows and to me hulu is a better value than what the cable companies want for even basic cable. (I don't watch a ton of TV really)
If you have cable and a dvr Hulu probably wont be much of a value. (Unless you like old tv shows that are not in syndication...)