It's not Netflix, but Clicker's iPhone app does offer a lot of Web TV
With Clicker's app, you're really downloading the packaging. It doesn't do anything you couldn't do on your iPhone already, it just combines those functions into one wrapper and adds some social sharing features.
Clicker will support Hulu Plus and Netflix eventually, but you'll still need the corresponding apps to watch. It's conveniently coming out around the same time as this morning's Netflix for iPhone announcement, but Clicker just isn't as exciting.