Straight from Hulu's CEO, Jason Kilar:
Hulu Plus is not a replacement for Hulu.com. Hulu Plus is a new, revolutionary ad-supported subscription product that is incremental and complementary to the existing Hulu service. For almost all of the current broadcast shows on our service, Hulu Plus offers the full season. Every single episode of the current season will be available, not just a handful of trailing episodes. Now there’s never a bad time to jump in on a hot new show like Modern Family (which I recommend highly). From Family Guy to Glee, from The Office to 30 Rock, from Grey's Anatomy to Desperate Housewives, from Parks & Recreation to Parenthood, from House to Saturday Night Live, and dozens of other hits, the best time to jump in on any series is any time, and with any episode, that’s right for you.
As a Hulu Plus subscriber, you’ll now also have access to back seasons or full runs of some of TV’s greatest shows. All nine seasons of The X-Files. All three seasons of Arrested Development. Ten seasons of Law and Order: SVU. All five seasons of Ally McBeal. Seven seasons of Buffy The Vampire Slayer, and three seasons of Roswell. Every episode ever of Grey's Anatomy and Desperate Housewives. Classic skits from the first five and most recent five seasons of Saturday Night Live. The list goes on. This is all on top of hundreds of shows already on Hulu.com today. It’s a treasure chest in the cloud for TV lovers.
Subscribers to Hulu Plus will also be able to download a Hulu Plus application for certain Samsung televisions and Blu-ray players that have an internet connections. Hulu will also bring Plus to the iPad, iPhone 3GS & 4 as well as the iPod Touch. Apparently Hulu has no love for us Android users. Also, it appears that Hulu and Sony have finalized the deal to bring Hulu Plus to the Playstation 3. The Hulu Plus service will be $9.99 a month, but for the moment it will be invite only. You can apply for an invite at Hulu.com/plus.
For more information, here's the full press release.