Now for the bad news. A much as I hate to say it, there is a chance that Apple would not approve this app for the App Store. I understand that the availability of this app would hurt the sales of TV show sales, but the availability of Hulu will also bring new attention to the iPhone and iPod Touch. And besides, even without this app, I wouldn't buy a TV Show from iTunes, and i have never bought one since they became available (If I win the $10,000 iTunes giftcard from Apple's Billion App Countdown contest, that might change though).
So, let's all cross our fingers and hope that this app will be approved.