It is the best thing for movies to date, in my opinion.
Request the Wii disk from Netflix (free), if you are already a Netflix member. Then you receive it and you can watch all the "lay now" movies you want on demand through your Wii.
It is the most convenient and smartest thing for movies I've seen. It loads very quickly as well.
Of course there needs to be a few things updated and changed around. Example, there is no search, just browsing categories.
I've had this on my Xbox for a while now. Some highlights include, but are not limited to*:
Dead Snow (great zombie movie!) Mongol (think braveheart, but with asians) Moon (creepy sci fi movie) Bladerunner (see above) The Big Lebowski (stoner comedy) Delicatessen (creepy french movie) Visioneers (creepy/funny sci-fi movie) Nightwatch (russian movie.. umm... there's this chalk of destiny and a death yoyo and vampires. just watch it.)
*some of these movies are probably no longer on netflix.
They also make a box that can do the same thing, forgot it's name though, or you could get a PS3 to do the same thing, pros and cons for all PS3 things, same with Wii.