Is there an app to play videos from Netflix and Hulu for the Android?
Yes there is!
Today Netflix released an offical App.
Netflix Blog post about release.
Currently Netflix playback is supported on the following phones:
HTC Incredible with Android 2.2
HTC Nexus One with Android 2.2, 2.3
HTC Evo 4G with Android 2.2
HTC G2 with Android 2.2
Samsung Nexus S with Android 2.3
If you don't have one of these devices but you do have an HTC or Samsung device you can try this method here to make the Netflix app work on your device. I have not tried this myself as I have one of the supported devices. Try this at your own risk
Netflix recently posted on their blog that they will begin to roll out support for individual devices in the coming year, but not a generic Netflix app. They claim:
The hurdle has been the lack of a generic and complete platform security and content protection mechanism available for Android.
You can read the entire post at http://blog.netflix.com/2010/11/netflix-on-android.html .
As of today, no there is nothing public. Like Matt says, you can find this out through other sites instead of asking here. A simple Google search will give you results of speculation and rumor like this:
No, as of Sept. 18, 2010, but according to this story Netflix appears to have hired Android developers, almost certainly for this purpose: http://www.downloadsquad.com/2010/08/10/netflix-android-app/