I subscribe to both. They each have their pros that the other doesn't offer. Netflix definitely has a way bigger library. No commercials. And is probably available on most devices you can think of.
Hulu Plus has current TV shows, which go up only a day after air. The reason I subscribe to it is so I can watch the shows on my 50" LED. I don't have cable because it would be a complete waste of money for me as I rarely watch anything. In the rare situation where I want to watch a show that isn't offered on Hulu Plus I just buy a season pass on Amazon. Yes, there are commercials on Hulu Plus, but they're brief. Typical commercial breaks have only 3 fifteen second ads. The show is back in under a minute.