I think it would be easier to compare Youtube to Hulu (or rather vice versa), but there are really three main differences.
1. Length- Hulu came about to watch television shows online, which means 22/44 minute shows youtube is focused more on <10 minute video clips, perhaps even more on <5 min clips. But that's not to say that Hulu doesn't have it's fair share of snippets or youtube doesn't have special programming that gets to defy the 15 minute time limit, its just they each specialize in certain lengths.
2. Advertising- Hulu runs commercials, before your show, during your show, and after your show. Youtube sometimes runs a commercial before your show, but not during, and certainly not after. And even before the Google takeover, this was significantly more rare, and Youtube ran nearly completely off of banner ads around the videos.
3. Content Generation- Youtube content, is by you, of you, and for you... unless you're stealing it, infringing copyrights, and nefariously reposting it to undermine the capitalistic system the drove the very creation of it, in a most hypocritical fashion... which happens quite a bit. Hulu on the other hand is designed to be a legitimate content delivery system for primarily tv networks, though that's not the only commercial interest providing (criterion collection). It's supposed to be an efficient way to squeeze out the advertising dollars networks were losing as more and more people started consuming tv online.
So there you have it. There you go.
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