On my computer, I can't make flash video full screen or the framerate drops at least 50%. I really like Hulu, but I can't watch it in a little window.
and my machine, while a bit old, is still a 3.2GHz system with a gig of memory.
Watching my task manager on a dual 3.2ghz Xeon (P4 era, so 4 years old now), watching an HD video on Hulu brings Firefox usage to 35-45% so nearly one processor used. Going full screen ends up jumping to 60%, so it's using more then one processor.
If I get some time later, I'll try to grab the ATI development tools to see how much, if any, is being accelerated by the video card. With the CPU jump, it looks like not much in either decoding, or making it full screen.