Should I buy a WiFi TV or WiFi Blue Ray?

I'm looking to get around paying for cable by playing Hulu Plus on my TV. I do need to buy a new TV anyways and was wondering if there was any difference between the two. Suggestions on the type of TV (No smaller then 40 inches.) and Blue Ray are appreciated also.
Is it better to have a wifi tv or blue ray? Does one do more then the other?
 
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