It was rumored back in March, but now it is officially reality. While it isn't the big announcement at WWDC 2010, some extra good news is that a Netflix app for the iPhone will be released this summer.
A specific release date hasn't been mentioned yet, but it will be free for download from iTunes upon release. Best of all, it will take "advantage of Apple's adaptive bitrate technology," meaning 3G support should be there, just like the Slingbox app.
I bet it will look pretty nice on that 3.5-inch, 960 x 640 resolution display on that beautifully sleek iPhone 4, also set to be released this summer.
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