OK, I got it the other day and have since watched a bunch of stuff. The Muppets Take Manhattan, That Mitchell and Webb Look, Alfred Hitchcock Presents, more stuff.
Basically, I'm really impressed. The interface is great, the browsing is actually snappier than it is in OSX, the video quality is identical to what I see on my computers...except better, because my TV has better color for movies.
Even though I see stalling in the videos on the Nintendo Channel regularly, I haven't seen even one stutter while watching the Netflix disc.
My only complaint, and its a very minor one, is that you need a disc at all when the 360 version runs from internal storage. I don't...understand that, but its not a big deal.
Basically, home f*cking run.