Maniac Media sent the following breakdown of what's currently available via Hulu Plus:
WWE NXT - The same episodes which are available on You Tube through to the finale of NXT Redemption in June. None of the current programming of NXT is available here. Individual clips from episodes are also available.
WWE ECW - What is called Season 3, a total of 69 episodes spanning January 2008 through the end of the brand in February 2010. Obviously all episodes for that period are not represented. Individual clips from episodes are also available.
WWE Superstars - Currently 172 episodes from episode 6 through 157. No idea why the first five episodes were skipped, or why nothing has been added past March 29, 2012. Or even how that totals 172 episodes. It may be that they intend to add the rest at a later date. Individual clips from episodes are also available.
Randy Savage Playlist - Which consists of 4 short clips featuring Macho Man. 2 minutes from SummerSlam 1988 (Mega Powers vs Mega Bucks); 2 minutes from Bash at the Beach 1996 (Hulk Hogan's NWO turn); 2 minutes from SummerSlam 1989 (Hogan/Beefcake vs Savage/Zeus); 3 minutes from a 1994 MSG match between Macho and Crush (Falls Count Anywhere).
WWE Extras - Which appears to be a catch-all for the various clips already mentioned.
The service costs $7.99 per month and the shortened Raw does have several 90 second commercial breaks. While you can fast forward through the program, you cannot fast forward through the commercials.