Windows only: Hulu Video Downloader is a free application that saves Hulu videos to your desktop and converts them to virtually any popular, device-friendly format you might want—at least in theory.
Just copy and paste the URL to any Hulu video you want to download into the Hulu Video Downloader application and click Add. The application itself is kind of horrendous in the looks department, but you shouldn’t judge a software by its chrome. Unfortunately I had some trouble getting the actual application to work in my tests (kept sticking at the Please Wait notification); I decided to go ahead and post it with a your-mileage-may-vary disclaimer, since it would be a great app to have on hand if it did work, and you may have more luck than I did.
Hulu Video Downloader is freeware, Windows only. If you want to download Hulu videos in ‘high quality,’ you’ll need to upgrade to the pro version. Name aside, the pro version of the downloader is also supposed to work with most popular online video sites, including YouTube and Vimeo. For our money, the free version will suffice, especially since there are already plenty of similar apps that support YouTube. If you had more luck than I did with this app (it seemed to work for Nirmal over at Life Rocks 2.0), share your experience in the comments.