What version Hulu apk are you running? I tried version 1.0.116 with no luck. However, the latest version on the Android market is 1.0.139 and this could be why I couldn't get it to work. Either that or it's because my PE isn't rooted and is running Ermine 0.9.
I installed Hulu Plus and then Flash Player 10.3 (which of course fails) in that order, and then uninstalled Hulu + and tried to install Flash Player 10.3 first and then Hulu + and still no luck.