Well spotted! Yes, it is on Hulu at the moment, with a few ads cut in. The folks at Whedonesque are also reporting that while it wasn't available internationally on Hulu initially, it is now.
BTW, the running time on the three acts compiled together is 42:25 -- why do I think it's not coincidental that that's about the time an average hour of TV runs these days?
Dave, it turns out I was a little off in my estimates. I think the three acts were about 14 minutes each. This would mean all three put together equal about a 1 "hour" episode (about 42 minutes per Mary's post above).
It still means that it costs $4 for a 1 hour episode. Which is past my comfort level.
If the additional 4 acts that I have heard are coming are included with the $4 then it feels much more reasonable. That would make it about "movie" length.