The announced Netflix app makes me

a) laugh (as long as the iPhone is locked to AT&T there's not much use for it on AT&T's 3G network
b) hopeful that Android (and possibly Meego in the future) will get it.

Imagine how beautiful it would be to stream from Netflix to a device with an HDMI out port like the HTC 4G Evo has.

Nevertheless, good for iPhone users though. Probably will get their most use of it at some place with a WiFi spot though.