As you know the 360 got Netflix support a few months ago so now you can stream up your instant queue from your account to your TV. Well if you don't have a 360, or don't have live, or have a ps3 you can now stream Hulu, Youtube, and Netflix to your PS3 or 360 just like any other media server (like tversity). The only thing is it isn't free, it's a 30 dollar license fee for the software, but I started the trial today (on netflix and with playon) and with almost no setup I am streaming complete tv series, movies, etc to my ps3 in great quality.
30 bucks for a license (you don't have to renew or upgrade or anything, you get updates, etc like any other software).
Netflix is 8.99 a month if you don't already have it, this gets you 1 dvd rental, and unlimited streaming to your PC / TV. Up to 50 different items in 1 streaming queue. It's easy to use and through the PS3 it's 100% easy to navigate, shows or movies are separated by folders, and they include the thumbnail image for the dvd or box art.
ALSO, if you have a ps3 you can rent bluray movies for 1 dollar more a month as well as dvds.
So if you want to try it there is a month trial on netflix, and a 2 week trial for playon. I'd try it out first to make sure there isn't any compatibility problems with your network set up. I know some people have said they have had problems trying to stream hulu stuff so you might want to try it out before paying. If you follow the FAQ you can forward any ports or whatever for your router IF you have problem. Just try the 2 week trial with the month trial of Netflix before you pay for anything. I've been using it all night though and its very, very awesome.