Yes, it is. (I bought a code from this seller before.) I was hoping I could pay the difference in cost month to month when they came out with the commercial-free tier, but Hulu won't let you do that. I'm not too bothered though, since I got the Hulu 12 months for so cheap.
Edit: It's been pointed out to me that there's an option to switch your 12 months with commercials to 8 months without commercials, since the MSRP cost works out to be the same. That actually is cheaper than what I had in mind originally (paying an extra $4 per month to make up the difference), since codes bought through this thread are so cheap. Thanks to user broncosatw for pointing this out.