If you have a Netflix account, you can stream available Netflix content (movies, TV shows, etc.) to your iPhone. On wifi, it is really sharp and smooth. I love it. I watched two seasons of Dexter on my iPhone with the Netflix app.
Thanks for all the good info. I downloaded the app. and signed up for the monthly service, $8.99, with the first month being free so I have a month to make up my mind. I have already washed Wall Street, I have not tried it away from home , where I have wifi; will let you guys know my thoughts in a month