Back in June Hulu announced Hulu Plus, a $10 a month broadband video subscription service that is supposed to allow users to access entire back catalogs of TV shows above and beyond what's available on free Hulu -- albeit still with commercials. According to an analysis of the offering by One Touch Intelligence however, about 88% of the content available through Hulu Plus is already available via vanilla Hulu for free. In other words, of the 28,418 full-length TV episodes available via Hulu, just 3,564 of them are hidden behind a paywall. Obviously Hulu Plus is young, many people are still getting invites, and in game console land it's a Sony PS3 exclusive for the rest of this year, but the firm notes that for now, Hulu's not living up to their "stated value proposition."