however, you do not need Hulu+ to get the Daily Show or a large amount of regular TV.
We went to just cable modem few years ago as well. just like downtowner, we use the PC windows media center to record shows. for the media extender, we purchased couple of used xbox 360 at cowboom.
if you download PlayOn on your computer, you can use xbox to watch Hulu and a bunch of shows.
we are not avid TV watchers, averaging 1-2 hour per day, so the free hulu content is already quite overwhelming. for serious TV viewers, perhaps it is worth the cost of hulu+.
like downtowner mentioned, PC with a tuner remain the best option. we got Roku for cheap to try and it was a piece of junk.