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Hulu, a joint venture between News Corp. (NYSE:NWS.A) and NBC which will allow users to watch programming from Fox and NBC for free, launch today in beta, with content accessible by invitation only.

Touted by some as the “YouTube Killer,” the sites will be in competition, although the offerings at Hulu are different than the content of Google’s (NASDAQ:GOOG) popular video site.

While Kara Swisher at BoomTown thinks “Hulu will shake up the online video market” Terrence Russell at the Epicenter, asserted Hulu launched with “few ‘YouTube killing’ qualities.”

While other stations like The CW, also offer episodes of their programming online, Hulu and their advertisers, are betting an aggregate site will draw a much broader swath of the online video streaming market.

Giving users the ability to legally embed video in blogs is another way Hulu has differentiated itself.

Coming from a woman who’s just spent 45 minutes reading reviews about Hulu from all over the web, I’d say head over to AppScout, from the editors at PC Magazine for the best of the bunch.