I gave this a try last night. My god, there's a lot of ads. I had to watch an ad before it even started. And then I watched a title sequence, and then the first ad break had 4 ads, the first of which was over a minute long.
I do want to watch Cowboy Bebop, but I think I'll wait until I can see it ad-free. Maybe once it comes to Cruncyroll, I can subscribe for a month and binge watch the show during that month. I think their subscription rate is cheaper than the Ad-free version of Hulu.