It can't all be sweet, right? So Netflix is indeed coming to PlayStation 3, but there's a catch, and that is a disc (badly photoshopped into the picture above) will be required for use -- not just for a one-time install, but every time you want to stream. Joystiq shot some questions off to the company, who justified this as being "fastest and easiest way to let PS3 enthusiasts get Netflix on the PS3" and that an embedded software solution through XMB will be coming late next year. It denies this has anything to do with Microsoft's exclusivity agreement, but frankly we're a bit bummed by this perplexing hurdle in convenience. At any rate, be sure to go reserve your disc now if you want to start streaming -- assuming, of course, PlayOn hasn't already satisfied your Netflix needs.
Read - Netflix interview
Read - Disc reservation page (must be logged in to see)