In my opinion, there are apps that are neat and there are apps that are useful. I can see this app as "neat", but not useful. I live in the Los Angeles area and can't even watch a simple non-HD Youtube flick without having the screen freeze and buffer constantly. It would also seem pointless to watch an entire movie on such a small screen. And to kill your battery. Under what circumstances would you be provoked to watch a streaming movie from Netflix on your Droid or any other phone?
I use my phone all the time to watch movies and TV shows... I use alot of public transportation... I probably watch 2-3 movies a week on the way to and from work... while i am sure i could use my time to do somethign more productive, I find this to be a great way to kill an hour commute here and there...
It would be awesome if you could save the movies to your phone for use later as well... then it would work for all the flights i take to boot...