PhoneFlicks (was Netflix Manager) App
A bit buggy. It often becomes unresponsive when trying to select titles and also says some titles are not available for instant watch when they are. However, loads titles quickly and the image quality isn't bad considering it's an iphone (probably looks even better on the new iphone). You can also watch over 3G, which is great. I probably wouldn't suggest watching over 3G however if you didn't get the unlimited data plan, it would probably kill your data usage allowance. I'm sure it works over wi-fi too, but I cannot confirm it since my router isn't compatible with apple products.
All in all, if you have netflix and an iphone/ipad, it's great. I thought it was going to be a bust, considering how long it takes a short youtube clip to load. But so far, I haven't been plagued with slow loading.
I'm sure the bugs will be worked out with future updates. And hopefully they'll add the ability to manage your queue.