"Near DVD quality" isn't that great though, given that Netflix has HD streaming.

Yes but Netflix HD is not as good as Blu Ray HD which I can get from Lovefilm.

Can someone please clear something up for me.

For £5.99 per month on Netflix I can watch unlimited new movies, the same time they're released on DVD at Blockbuster, without having to wait or pay extra?

not latest release dvds

You can watch unlimited movies and TV shows on Netflix though a lot of new top titles are not available until a while after the DVD/Blu-Ray release and some titles are not available at all.

It depends what you want to watch, if your looking for all the big mainstream movies you might be better off with a DVD rental service, if you don't mind movies six months past their DVD release and a lot of good movies which never have had a UK release then Netflix is a good choice. The best thing to do is to take up the Netflix free months trial and see if you like it, you can cancel at anytime.

Personally, I really like Netflix and if you tie it in with a service like unblock-US or unotelly, which will then give you access to Netflix USA's far superior library, then it's arguably better than any UK rental service, certainly better than Netflix UK and Lovefilm combined.