If Microsoft did do this, There will be hell to pay. I will boycott all things Microsoft, including windows. And I would expect Sony to pay face book so it doesn't come to the 360.
I understand Sony took down all their films from netflix on the 360. But that is their own content. Hulu is a website that was made for everyone.
All they are basically doing is making people want to pirate these films some more. And if there is any truth the the rumors, I would expect the shows on hulu to demand a bit more money.