Looks like the answer is no. Flash is not supported on the iPad. Hulu requires Flash.
Rumors surfaced last year that Hulu was working on an impressive iPhone application to stream all television content. The app has not surfaced and Hulu has not commented on whether or not the app is still in development.
If Hulu released an app, iPhone and iPad users would be able to watch shows without Flash. Until this happens, Hulu fans are out of luck with the iPad.