I reported this in a few threads the other day, asking if others had seen the same problem. I have a launch model 60 GB PS3 and nothing that I've tried will get its Netflix player to show the "Video" line in that information overlay. I also have a Sony BDP-S390 BD player whose Netflix player has the same feature which is also partially broken. The PS3 will only display time, unless I change the audio option or enable subtitles; the S390 displays the Video line, but will not dynamically update it--turning the overlay off and back on will get the currently correct value displayed, but it won't change if the encode changes.
Not actually a bug, since that information overlay is not an advertised feature of the player, however much some of us enjoy it. If you want to get a quick read on whether you're currently getting the higher bit rate encodes from Netflix, play Example Short 23.976
, a test clip which has an overlay with bit rate and resolution information burned into every encode. I know, it's not the same thing.