Yes.
I recommend going the jailbreak route since it will allow you to stream either regular Hulu OR Hulu Plus WITHOUT COMMERCIALS.
To do that, you need to:
1. Jailbreak using FireCore's Seasonpass Utility and a micro USB cable.
2. Install Nito TV (sort of like an Apple TV App Store)
3. Install XBMC (using Nito TV)
4. In XBMC, install bluecop repository, which has a video add-on for Hulu.
All this can be done within an hour or so in a single evening, and you can be streaming Hulu with great quality on your big screen TV, without commercials, to your heart's content.
I've had this functionality for the past couple of months, and it's what I use to watch the Daily Show.
Only down side to jailbreaking is that you have to wait longer than everybody else when Apple puts out an ATV update, since you have to wait for the jailbreak community to put out a new version of the jailbreak utility before you can apply Apple's update. That's about it. If you don't like the jailbreak, you can always restore your Apple TV to factory settings and go back to the non-jailbroken world, so the risk is very low.