The Netflix app for iPhone received a nice little update last night that includes video out support. Yes, this means you are now able to use your iPhone 4 or iPod touch 4 to send any streaming video content available on Netflix directly to your TV.
While jailbreakers have been able to take advantage of this feature for quite some time now, it's nice to finally have it "officially" supported.
If you've tried it out, let us know how it works for you.
UPDATE: for those asking how to get the video from iPhone to your TV, you need a pair of Apple AV cables or similar for that.