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I streamed King of Kong in HD over Netflix on the 360. It took 10 seconds to start and looked damn good. Not blu-ray quality mind you, but pretty damn good looking. It is very very convenient to be able to browse to a movie and hit play and get a damn good looking picture almost instantaneously. Of course the selection right now is sub par, but as Netflix gets a big boost from the NXE, we will see more content being deployed via HD streaming.

I will still get a blu-ray player(sub $150), because how else can you really show off your home theatre system.