Specifically, the live channel lineup includes the major broadcast networks (ABC, NBC, CBS, Fox), as well as cable biggies like CNN, ESPN, Bravo, FX, E!, TNT, Food Network, and more. There's also an option to add Showtime for an extra $8 a month, with other premium channels add-ons like HBO likely to come later.
Hulu's also offering live local network streams in major cities, and plans to further expand coverage down the line. It has limitations, though, as it doesn't offer any channels from Viacom, AMC, or Discovery Networks, which could be a dealbreaker if you regularly tune into the likes of MTV, VH1, Comedy Central, Spike, AMC, IFC, Sundance, BBC America, Discovery, OWN, or TLC.
The standard $40 subscription also gets you 50 hours of cloud storage for recorded programs, and the ability to simultaneously stream on two different devices. If you have a big family or a bunch of roommates, you can pay $15 extra per month for unlimited simultaneous streams and an "enhanced" 200 hours of cloud storage, respectively.