Re: And in related news...
True, but of course it is only for select titles, select formats and of course select hardware. As someone who has been paying for a netflix account for 11 years, there are *better* ways to do as you describe that just make more sense.
Thanks for this reminder though, as it appears Netflix is going back to how it was in 2005'ish, almost identically (even down to the local cache). Scratch that, literally going back to the same setup...that's strange in today's world.
Xbox360 owners might remember how all those early 720p files were ripped off the xfat partition and uploaded to the net (local file, local cache, local license).