Whatever the fate of Hulu.com, the media world will be watching carefully. The free, ad-supported television partnership launches today on an invite-only basis.

Yet it seems like everyone is expecting this thing to fail. Why? Diverging agendas, technical challenges and an all-powerful enemy: YouTube; a group of bloggers has even started calling Hulu "Clown Co." However, reporters were impressed last week at Hulu's press unveiling. Most reviews say the picture quality is excellent and the ability to play video inside the Web browser is pretty cool. But the shows are, of course, "festooned" with ads, including banners, overlays and other graphic experiments and of course, traditional commercial breaks. Will Web users stomach traditional commercial breaks? Many critics say no.

As News Corp. President Peter Chernin says, "If this doesn't work, what will? Hulu is initially launching with some 90 TV shows, including new and old programs from NBC and Fox, and smaller broadcasters like USA, MGM and Sony Pictures Television. Its videos can be streamed on Hulu.com or through its distributor-sites Microsoft, AOL, MySpace, Yahoo and Comcast.

Read the whole story at The New York Times.

This news story is important. I recommend that everyone read it.