Yes it has Hulu Plus b/c I remember the last Vita update for Hulu Plus specifically mentioning it.
I actually use it for Hulu often. The Suspend feature of Vita/PSTV makes it really useful since I can suspend the app (just by going in standby mode) and the next time I turn on the PS TV the show will begin playing automatically where I left off without me having to go into the app, select the show, etc. It's minor, but nifty.
The PS TV is a pretty neat device despite the limited support it gets. It does have Crackle and a few other services besides Hulu, but if your device doesn't do Netflix it's pretty bad.
Also, a very underrated and under-advertised feature is that the PS3 remotes will work with this device. I stopped using my PS3 remote when I got a Harmony remote, so it's nice to have a new use for the discarded remote now. I believe newer Harmony remotes will work with it too, but haven't gotten around to checking it out yet.