During the WWDC 2010 keynote with Steve Jobs, the CEO of Netflix. Reed Hastings, came on stage to discuss the impending release of Netflix for iPhone. The app is slated to be available this summer and features the ability to both manage your queue and stream movies from your Instant queue.
Additionally, Netflix for iPhone will be able to resume streaming a movie where previously left off from your iPad. The iPad app has been extremely popular, and the iPhone app will bring Netflix's popular service to even more places while you're out and about. Movies will even stay synced over multiple devices, so you'll be able to start a movie on your Mac, switch in place to your iPad, and then start it up on your iPhone when you want to.
Sounds awesome -- we'll keep an eye out for the app and let you know when it comes out.