This is the dumbest thing I've ever heard of. I don't know how much NetFlix costs me each month - if it's less than $50, it's worth it. We use it in the car on the IPad to entertain the kid with movies, we use it at home via the Wii to watch movies and TV shows, and we get a DVD in the mail every week -- that integration and wide coverage is what made their model work.
If they feel like they have to split the services, that's fine - offer a combined service and a split service and handle the permissioning in a way that doesn't impact the customer.
So, now you have me - the ideal customer. Willing to pay top dollar for an integrated service and you're telling me that I now have to have two separate log-ins, two separate bills, and at least one of the companies is going to have a really stupid name that makes me think of Napster... I would guess that we are most likely to not sign up for the DVD service and just fall back on RedBox 100%, and for streaming movies/shows we've actually had a lot of success using Hulu, HBOGo, etc. - we actually pulled up a True Blood episode on our lap top and plugged the monitor output directly into the TV once with great success, although I understand there are more direct ways to do it. We'll probably maintain the NetFlix streaming service for some time longer, but I don't see it surviving long-term.
There is no known exposure to Netflix in the CMBS universe (I checked for the Los Gatos headquarters and the distribution centers that I could find, and none of the addresses showed up), I just had to get that out.