How to convert a hex color string to RGBColor?

For example: "#FF8000".

How could I convert it to RGBColor or Hue?

Answer

Using IntegerDigits to convert directly to base 256:

hexToRGB = RGBColor @@ (IntegerDigits[
  ToExpression@StringReplace[#, "#" -> "16^^"], 256, 3]/255.) &

hexToRGB["#FF8000"]
(*   RGBColor[1., 0.501961, 0.]  *)

Edit

Shorter version, since somebody mentioned golfing...

hexToRGB = RGBColor @@ (IntegerDigits[# ~StringDrop~ 1 ~FromDigits~ 16, 256, 3]/255.) &