I tend to use Netflix more as a cable substitute with TV shows than a full movie library. The number of full backlogs of great shows in the U.S. at least (30 Rock, Parks and Rec, Party Down, Breaking Bad, etc.) for 8/month vs. 100/month for cable is an astounding savings for me personally. The movie selection is meh, but I can live with that for what I'm paying.
Library selection is poor. Just about every film I searched for was missing.