You might have to make compromises. I've never used Netflix so I don't know what I'm missing and thus, what you might be missing. So, I will tell you how I get legal content.
I use Hulu and Joost for free streaming content. You may not be able to find everything you want. Then for movie rentals I go to the $1 movie rental kiosk at my grocery store. There are some downsides to renting that way, however. That $1 is per day...you have until 7 pm the next day to return the movie or you get charged for another day. They don't get all of the new movies. And I've been finding that more and more people are using these kiosks (because of the sucky economy, perhaps?), so that there is a greater chance that the movie I want is out of stock.
I'm about to buy my first PM3 player.
Which can best replace my Netflix subscription (I can't afford both)?

Chowhound
Comic Vine
GameFAQs
GameSpot
Giant Bomb
TechRepublic