Netflix and Hulu on the iPhone? PlayOn!
PlayOn lets you view Netflix and Hulu on your iPhone.

As of now, there isn't an app that lets you stream Hulu or Netflix directly. There is a Netflix app available, but it's only for the iPad, leaving iPhone owners movie-less for the time being. There's a Hulu Plus app but that requires a $10/month fee.
To remedy this, PlayOn is releasing a web app that lets people use its popular streaming service on the iPhone. "Users simply need to install the latest version of the PlayOn client on their Windows PC, then log into http://m.playon.tv on their iPhone while connected to their home network. The mobile app then searches the user’s local network for PlayOn servers, and upon discovery, it grants full access to Hulu, Netflix, Comedy Central, Revision3, and other PlayOn content channels. Eventually, users will be able to log onto their PlayOn servers from anywhere by using their WAN (wide area network) IP address."
There is a cost involved ($39.99 for the first year, $19.99 each year after, or a lump $79.99 for lifetime use), but if you are itching for mobile movies, PlayOn may be your best bet.
[Source: VentureBeat]