Hulu iPhone App in the Works?

Silicon Alley Insider reports that according to a "plugged-in industry executive", Hulu is in the process of developing an iPhone application due for release within a matter of months.

Hulu is in the process of developing an app for Apple's (AAPL) iPhone and iPod touch, we have learned from a plugged-in industry executive. The app is coming soon (within a few months) and is "badass" -- as excellent as Hulu's Web site. Video will work over both wi-fi and 3G, we're told.

The report points out that while there are other video applications already available for the iPhone, Hulu is viewed as one of the leaders in innovation for the Web video industry, and so an app from it could be a compelling offering to drive expansion of the currently-small segment of mobile subscribers who watch video on their devices.