Thanks again for everyone's reply.
I trialed Netflix lastnight. So far, I've only been able to experience Netflix streaming via PC as my PS3 disc will not arrive until early next week.
For those interested, the first movie I queued up is James and the Giant Peach. The video quality is horrible. So, I thought "so this is what everyone is talking about" when viewing streams via PC. I then questioned whether it has anything to do with MS Silverlight that I am forced to download to stream Netflix content. Did a quick google, and did find a lot of others that also complained about it. But, wanted to explore more...
I went into the HD section and sorted it for the highest rated on top. I queued up Objectified, a documentary about industrial design, and the picture is close to BR. Though I only use my TV's speakers, I can discern the audio is not good but good enough. I then selected Ponyo, a Miyazaki anime movie, which I think is SD. But, the video quality is not bad at all. The audio is actually better than Objectified.
Overall, my wife and I have only took a few minutes flip through the Netflix library but only found a few things here and there we want to watch. Currently, I see us subscribing to Netflix maybe a few months out of the year. The library will be further explored for more analysis.