I was really set on having a bluray player that was also a good streamer (network especially, but Netflix as well). I have thoroughly given up on that quest now. We had an LG bluray player that didn't even get timely updates to be able to play new *blurays* for frak's sake! Let alone updates to upgrade the streaming services. I bought a PS3 and gave the LG away.
The WDTV Hub/SMP has the same Netflix interface as the PS3, which as I understand it, is the most feature-rich Netflix experience you can get. I can play HD, 5.1 and subtitles on my WDTV. I can do this on my PS3 as well, but it uses 170W. The WDTV uses 7W.
The best bluray player out there, IMO, is the PS3. People that like the higher end players will call me crazy here, but so be it. Sony owns the bluray spec, don't they? There has never been a bluray that PS3 wouldn't play since we've owned it. Even brand spanking new releases.
The best Netflix streamer out there, IMO, is the WDTV. It has every feature available for Netflix and uses minimal power, as I mentioned.
I don't use Hulu so I can't comment on anything related to that.