You know how there's exciting news, and then there's exciting news? Well, here it goes: it's time you update the Netflix app on your iPhone and iPod touch, because the app now supports video out. This means exactly what you think it means--you can use your iPhone 4 or 4th-generation iPod touch to send streaming video content available on Netflix directly to your television. All you need is a pair of Apple AV cables to hook up your phone and your TV.
This is incredibly exciting news for those that have been holding off on the iPad, or don't want to spend a ton of money setting up some intricate networking system in their house just to stream movies from their computer. This is also awesome if your friends don't have Netflix and you want to bring over a movie, but don't want to bother renting one at the local video store.
Jailbreakers have had this feature available to them in the past, but now it's officially supported. If you don't already have it, the app is free with a monthly subscription price.