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Many PS3 owners that also have a membership to Netflix will be receiving the "Streaming installation disc" to make this all possible.
 
The streaming disc is merely a band-aid solution to quickly bring Netflix to PS3 users. According to Netflix, full integration with the PS3 XMB is coming next year.

The PS3 will then join the Xbox 360, the Roku, TiVo DVRs, some standalone Blu-ray players and of course the PC as devices which can access streaming video
through Netflix.