EDIT: Mr Krugga: It isn't Netflix that won't stream it. It's the film companies that don't want them to do it.
I know that, unfortunately it's irrelevant to my experience with Netflix.
I'm in the US and you're talking out of your rearThey have TONS of stuff streaming, and although they may not have the latest stuff straight away (although they sometimes randomly do...), it's still a massive amount of content for the price. The quality is also excellent and the service reliable, although I suppose that depends on your ISP. I really couldn't be happier with it. I don't even have cable/satellite anymore - just Netflix and the handful of regular over-the-air stations.
I have my doubts about the quality, all non-HD titles look pretty terrible on my display (it's a 2560x1440 screen) and HD content is equivalent to average 720p rips.