There are drawbacks, most having to do with content licensing restrictions. Netflix still has a good number of films in its vast library that are unavailable for streaming. With Hulu Plus, TV shows are generally embargoed until at least the day after their original network air dates. And there can also be restrictions on which seasons of a show are available. Perhaps most frustrating, licensing terms for some shows stipulate that while they can be watched on a computer or mobile device for free on Hulu's website, they are prohibited from being viewed on the TV even with a paid Hulu Plus subscription. But remember, an antenna gets you free OTA network channels, so if you're able to work your schedule around the networks' (like in the old days) you can minimize this inconvenience.
Hulu is more than just a place to find some streaming originals and a lot of day-after-air shows. Last year it launched a live TV service—and it quickly became the PCMag Editors' Choice in this arena. Yeah, you pay more, but for that $39.99 you get access to the entire Hulu library we discussed above, plus lots of cable channels, including many local affiliates that stream live (depending on your location).
But beware -- there are a few missing gaps when it comes to support. Many devices have the Hulu or YouTube app, for example, but not all of them support live TV viewing. The PS4 is missing both, as well as Sling TV. DirecTV Now doesn't work with game consoles at all, and of course PlayStation Vue won't stretch to include the Xbox One. Amazon Prime apps work across most devices, but the company's feud with Google keeps Android TV and Chromecast on the sideline.