Netflix updated itsyesterday with video-out capabilities.
The update, which also included bug fixes, allows owners to use one of the many video adapters available for the iPhone and iPod Touch, and push Netflix content to a larger display, like a television. Apple and several other third-party vendors sell the adapters.
It's important to note that the update only applies to the iPhone 4 and the fourth-generation iPod Touch. Previous versions of the devices are not supported.
Video-out availability on the iPhone or iPod Touch might not excite those who already own the new Apple TV or a video game console that supports Netflix streaming, but for those who don't have those devices, this is the next best thing.
The Netflix iPhone and iPod Touch app is currently available as a free download in Apple's App Store.