Rumors started flying around that Netflix in planning on releasing an upcoming iPhone app that would let Netflix members stream videos and movies from their instant queue on their iPhone or iPod touch using WiFi. It remains to be seen if this rumor has any real backing from Netflix and if so, will it get past the Apple review process.

There are already many iPhone apps, notably the iPhlix app that let you manage your Netflix queue and search for movies on your iPhone. You can also currently watch live streaming TV on your iPhone from your SlingBox using the SlingPlayer Mobile app.