Looks like they are wanting to get hooked up with Sony and stream movies through the PS3. If the movie quality is better I would use the PS3 over my 360. But I will amet I get some movies in HD on the 360 and it looks good.
i guess it wants to branch out so all you PS3 owners don't feel left out
PSN offers movies to rent/purchase already. It is not any type of subscription service, but it does work.
The XBox 360 offers that too. But it also lets you watch streamed movies with Netflix.
The only downside is that Netflix isn't in HD and they don't have very many newly released movies for their service. I wouldn't mind paying a few extra bills if they offered that. But for now I'm happy that I only pay $8 a month for netflix and can watch all the movies I want on my 360.
It's free with a basic unlimited subscription. I'm paying $9 a month and that includes being able to order from netflix and streaming it over my xbox. It kicks ass. There are some offered in HD, but I'm pretty sure you would need your console hardwired to the interweb and not through a wireless connection to take full advantage of it.