live TV? What is your definition of that? LIve broadcasts of sporting and entertainment events? Or just a contiguous stream of shows? If you want the latter Justin.tv offers that.
As for Hulu Plus I think it's a great start and shocked by all the monkeys and trolls who left reviews re: hulu plus iphone app. They completely diss it because it cost $10 bucks and has ads. How much you pay for cable TV service with ads?