I was stunned by the picture quality of Netflix HD streams on the Oppo as compared to the TiVo HD (series 3). I don't know if the advantage rests with the decode engine or the Qdeo (or both) but needless to say we no longer use the TiVo for Netflix. (FWIW, I use a hardwired network connection for both.) And sadly, it might not even suggest that that the Oppo is that great, just that the TiVo is so bad.
I generally avoid SD programs on Netflix so I can't really offer much opinion with those streams.