as you may know, Netflix is not currently available on raspbmc, but this is about to change very soon!
Here's a quick summary of how the setup will work...
Netflix is coming to raspbmc
First, I have to admit that another PC will still be needed in order to stream vide content.
The PC's role is to capture the Netflix window and then simply play and pass on the stream via a network directly to the Pi.
Here's what the guys at http://www.raspbmc.com/ said about the efforts to bring Netflix to raspbmc:
And as I mentioned, this is just the beginning... There are already add-ons and other features being planned...You’re able to browse all the Netflix content from your Pi, and when you select a video, your PCs browser will be opened, but playback will appear on your TV instead of your desktop. The issue that I am currently having is that I have no way of pausing, fast forwarding or rewinding the stream, so I need to think about how that can be made possible.
There are various other features I have pipelined, such as Chromecast-like implementation which will work similarly to how Netflix does. But the most important change will be how Raspbmc transitions into linXBMC. If you haven’t read about linXBMC yet, it’s a Linux distribution I’m working on that will run XBMC on many different devices instead of just the Pi.