Been thinking about this throughout the day and doing some research, here and there, and I'm about 90% on the "no" side.
For Hulu, the issue isn't Boxee. Everybody has the problem that Hulu races to block every trick people find to watch outside a PC browser. I don't know if it's DRM or contracts with the studios, but they work hard to prevent it without ever saying it's bad.
So, that's not the deal-breaker, but I have a Roku that I'm very happy with. But, that Roku also ties up my TV's only HDMI port.
What kills it, though, is that Boxee seems to increasingly be kind of a slimy company, from pulling/hiding their PC software to violating the terms of the Linux and XBMC licensing (GPL3, for those who care) to pushing software updates that seem to randomly add or remove features. A shame, since I have an HDHomeRun, for example, and this would've been a good match, except that it seems to crash the box on exit, now.
What I think I'd want to do, for the price and size, is buy it to install XBMC, which is undoubtedly just as good for the hardware. But the licensing violations above include blocking people from installing software and dismissing people who request the key.
So, for my purposes (playing local files and DVDs, plus Hulu from the website and shows from other network websites), it looks like my best bet is going to be to wait for a cheap computer (maybe the Raspberry Pi, maybe something heavier that can handle a DVD player and more easily available) and install XBMC and a web browser, with one of those bluetooth keyboard/mouse things.
If the problems I see don't interest you, though, it looks like a decent gadget. I don't hate the shape nearly as much as some people...but it also probably would've ended up on top of my media center and thus mostly invisible.