Unfortunately the Silverlight edition for Mac does not have easily accessible tools for adjusting the buffer rate required to view HD on Netflix. The Netflix service detects your buffer rate when starting a movie, and Silverlight defaults to 1500. To change this, you have to interrupt the playback with CTRL+ALT+SHIFT+S, increase your buffer manually, then restart the movie.
Making this change in Plex not possible, as far as I know. You can get to the buffer settings menu, there is no way to edit the settings. The end result is that you can watch HD quality Netflix on Mac through your browser with minimal pain, but so far you can't get there on Plex.
Hope this is helpful. Maybe someone has already found a workaround for this.
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