Ya might wanna watch it one more time bro!
Its Wifi and 3g ... It was stated in the keynote that it would work on 3G!
Netflix will add to its App Store offerings later this summer, when it releases a new app for the iPhone. Previewed during Mondays Worldwide Developers Conference keynote, the movie rental services app will provide the full Netflix experience: you can stream video
(over Wi-Fi and 3G), view recommendations, browse genres, and access your queue.
The iPhone app will provide the same service on your TV, iPad, or laptop, Netflix CEO Reed Hastings said Monday.