I'm watching Netflix streaming on 360 as we speak. The Office season 2. I love this service. I pay $8 per month for unlimited streaming, and one disc at a time. I return the disc about once a month, probably less. I just stream all the time. Grats PS3 owners!! The selection isn't the greatest...but it is pretty good. The selection varies widely, so there is always something I'd like to watch. Last night, I watched Deliverance for the first time.
Only a select number, like 7,000, videos are available for streaming. If you want an idea of what is available, netflix.com makes it pretty difficult to browse their streaming selection without having a current subscription.
So, if you'd like to see what is currently available, visit this place:
http://instantwatcher.com/
For a list of what is coming soon, visit this place:
http://streamingsoon.com/
Again, grats, PS3 owners! It's a really cool service...and cheap!