I haven't had cable in years, and only had paid subscriptions to those two service. I currently stream through Roku, so I can watch those shows on TV.
Hulu was far superior for a while, because they offered TV shows, while Netflix offered movies. Then, Hulu started offering movies, and I nearly cancelled Netflix. Netflix then upped their game, and started offering TV shows as well. Both now offer their own original shows as well.
For a while, I would've recommended having Hulu over Netflix. But now, Netflix currently has the advantage of offering more specials. For example, if you like stand-up comedy like from Dave Chappelle, they would be on Netflix. And recently, Hulu made an absolutely awful choice to their interface, and made it quite unsightly and confusing. They had a vastly more efficient layout before.
So if you absolutely have to pick only one, I'd recommend Netflix. If you prefer TV shows to movies, I'd go with Hulu. But, I have those services for only 7 bucks each, so I think having both would be most ideal.