For those interested, it looks like Playon introduced Android support -quietly-. It's not even mentioned yet on their website, but it works, and works well.
After I installed their 1/28 update (3.1.24), I was surprised to see that when I browsed to m.playon.tv on my Droid, I actually had the option to play the content. I was able to stream Hulu, Netflix, and everything else that Playon can handle, and it worked equally well over Wi-Fi and 3G. It does use Flash, so it is limited to Android 2.2 devices, but it worked flawlessly on my D1 (SS4.8 - Froyo). Interestingly enough, my upstream bandwidth is only about 400-500 Kbps (ADSL), but the playback was pretty smooth over 3g. It is processor intensive on the server, because it's transcoding on the fly, but while streaming,CPU usage on a fairly low-end AMD dual-core was about 30-40%.
Overall, I'm pleasantly surprised. Whatever thoughts I might have had about using my early upgrade with the iPhone are now gone. I'll wait for 4G before my next upgrade.