The latest iteration of the Hulu Plus app for PlayStation 3 is now live, as detailed on the PlayStation Blog. It promises to deliver improved discoverability (a key issue for consoles, even still) and faster access to content. I haven't tried it out yet, but those certainly sound like laudable goals.
The app uses a tray-style system with recommendations based on your viewing history and popular movies and television shows, plus the search functionality has been revamped. As long as getting to The Daily Show requires as few button presses as possible, I think we're golden.