Netflix brought 1080p streaming to Android 4.3 this summer, and now iPhone / iPad users can experience HD streams as well, provided they've updated to iOS 7. Another new feature in the latest update is support for AirPlay streaming (if you prefer that to using the Apple TV's built-in app, it also means disabling AirPlay mirroring and requires iOS 7), along with other miscellaneous fixes. Hit the link below to grab version 5.0 right away, unless you're still busy testing out the just-released Chromecast support from Hulu Plus.
Update: Netflix has put up a blog post about the new features, and mentions there's also support for lock screen controls while using AirPlay in iOS 7. The features are rolling out to users gradually, so while not everyone may see them today, they should be on all accounts by mid-October. Also, for those fixated on resolution, we checked with the company and confirmed the streams max out at 720p on the iPhone / iPod touch and 1080p on the iPad.