When I had Netflix, it worked fine on my Razr and rarely did I have any issues with the quality or general feel of the app. With regard to Netflix as a whole, I dropped them a few months ago because the quality of programming isn't worth the price. As others have mentioned, they have a lot of older (80's and 90's) movies, and a fair collection of TV Series (past seasons or ones no longer on TV). I enjoyed watching Friday Night Lights and Breaking Bad, but it wasn't worth it to me once I made it through most of the content I was interested in. There were far too many Friday and Saturday nights where my wife and I would browse through the Netflix movies and only end up watching something from our own collection. I was hanging on because there were rumors the streaming content would improve after the price increase (about a year ago), but that never happened.
All in all, I think it is worth it if you see some movies and TV series that you are interested in, but it doesn't take long for the selection to run thin.
All in all, I think it is worth it if you see some movies and TV series that you are interested in, but it doesn't take long for the selection to run thin.