I'm on Plus right now after being on Netflix for years (I tend to cancel Netflix once in a while and then renew again when I have time to watch stuff).
It's okay for keeping up with recent episodes (I mainly use it for The Daily Show/Colbert Report and Parks and Recreation on my phone) but there is no real movie selection at all (much, much worse than even Netflix's humble selection, which at least has excellent documentaries and some educational programs).
Value depends on what shows you are interested in. Some older shows are on Hulu - if you have broad viewing habits, it's worth the $8 or whatever the price is right now a month. I don't see a point in having both Netflix and Hulu if there aren't specific shows you need to keep up with.