I routinely watch Netflix streaming on my iPad and, except for occasional network glitches which are inevitable, Netflix has been fine on my iPad. The Netflix client on both of my TiVo DVRs is uniformly good, too. Has Netflix been stable and satisfactory on your MBA?
I agree that the speed and stability of the network connection, both internal and Internet, and the drivers used, are all far more important than the hardware being used to watch streaming video. I have an 802.11n wireless network and a very fast high speed Internet connection through Cox OKC. Thus, streaming video is usually more than satisfactory, even on the iPad.
Yes, NetFlix runs pretty well on my MBA, although this wasn't always the case. When they first came out with their streaming service, it was horrible and the videos would kept being interrupted as the player paused to buffer the stream. To tell you the truth though, I like watching NetFlix on my iPad better than on my MBA. The iPad's screen is just awesome.