Hulu, the joint venture between Fox and NBC, leaves private beta today after over 5 months of being closed to the public. Now at the time of launch, video content has been ramped up to include current and old TV shows, as well as movies, from a myriad of partners including Sony, WB, MGM, Universal, the NBA, and many online TV shows. The quality of the episodes and clips (see above) is great, and the interface is pretty strong as well - much easier than dealing with the regular TV station websites.
Still, it's not a fully polished product. Unless I'm missing something, there's no way to save just the list of shows you want to look at - since most people will likely return for the same shows week after week, this seems like a necessary feature (you can add shows to a playlist, but if you add "family guy", for example, every episode and clip that is on Hulu will be added to your playlist). Also I don't see an easy way to jump directly to the list of full movies - with now over 100 to choose from, again this seems like an important instant option.
Also - episodes come and go as individual shows see fit, so this isn't a dependable archived content site. It really should be housing most back episodes of shows, as giving users the opportunity to catch up to current on a show they had never watched is a primary function and growth point for networks.
Still, you should definitely give Hulu a try - it could significantly change your opinion of online video for the better.