If you have an Android smartphone, you can’t pay $7.99 per month to watch streaming video from Netflix (which I subscribe to) or Hulu Plus (which I don’t subscribe to). However, you can watch streaming video for free using SPB Software’s free SPB TV 2.0.
I tried it on a Nexus One over WiFi and found it worked quite well. All the channels provided decent looking video and good audio (except for NHK World which provided audio but did not display video and UCV TV that did not work at all). That said, SPB TV 2 is not a replacement for Netflix or Hulu. Its content is mostly news stations from around the world and a few speciality channels (music, comedy and old TV show genres). However, if you would like more than the tiny amount of international news provided by U.S. news programs, this might help that void for you (assuming you speak the language of the station’s country).