If that eight-step process sounded a bit complicated for you, there's a new three-step method available right now!
It's actually the same basic scenario, just streamlined into a single Cydia package for your downloading convenience by the German-based Applephiles at Benm.at.
On your jailbroken iPad:1. Open Cydia > Manage > SourcesFlash content should play (though you'll need to tap the Flash component to get it to play). The whole thing takes just a few minutes, but won't work on your 3G. You can even download a toggle switch for the app for SBSettings :-)
2. Edit source and add http://repo.benm.at
3. Search Frash and install it.
And for those wondering, Hulu.com did NOT work because the website detected the device as an iPad and pushed me to get Hulu Plus. Oh well, just be patient and I'm sure someone will find a way around this :-)