(Click the image above for a closer look.)
According to tech weblog AddictiveTips, the latest version supports Hulu streaming again. I actually had mixed results. Occasionally Hulu gave me the same old "Based on your IP address, we noticed you are trying to access Hulu through an anonymous proxy tool" message. Other times the video would load just fine. My concern is that the update has briefly included some proxy servers that aren't in Hulu's database, but that it's just a matter of time until Hulu's wise to the app yet again.
Apart from whether or not Hulu will work consistently, the real catch to using Hotspot Shield (or any proxy, for that matter) with something like Hulu is that you're download speed will drop significantly, which takes away from a lot of the convenience of a streaming site like Hulu. That said, I know that a lot of people swear by Hotspot as their preferred proxy, so it may be worth a try if you're willing to wait.
Hotspot Shield is a free, ad-supported download, Windows and Mac OS X only. (Pay special attention during the HotSpot Shield install to avoid installing some extra crapware.) If you give it a go, let's hear how the update fared with your Hulu (or other US-only attempts) in the comments. If you've got another solution for your U.S.-only needs, let's hear that, as well.