To do what Hola appears to do best (bypassing filter protection or basic traffic forwarding) I just use a socks5 proxy server, all you need is a box with ssh and make sure your dns requests as well as the http data go through the proxy.
I think you can even set it up with chrome/ff without addons, but I use foxyproxy since you can switch in seconds.
Or if you're a little bit evil, you can just use the Hola IPs as a regular HTTP/HTTPs proxy: http://milankragujevic.com/uploads/hola/
All the benefits, none of the downsides.