Yeah, it's not accurate to say Hulu is "totally useless." If it doesn't have the shows you want, then it's totally useless *for you*.
As far as movies -- it's not free, but so far my experience with Netflix's streaming video has been great. At the most basic level, one DVD at a time, you can watch unlimited streaming videos for $8.99 a month.
I think between Hulu, Netflix, various websites, and good ole fashioned broadcast television, you can probably get very well without cable unless you're a serious TV junkie. I'm certainly never going back to sending $80 a month to Comcast.
For premier shows like "The Wire" you've just gotta shift your viewing habits -- ie, wait for the last season to come out on Netflix. So worth it though, when you consider what cable costs.