Some iPhone users were able to run Netflix streaming for a very short while on their phones, because 1) their battery ran out within a few minutes and 2) the hack has since been disabled.
The exploit was as simple as downloading the iPad App, and renaming a few things to make it run on the iPhone. It didn't take someone in charge (Apple? Netflix?) very long to disable this, so while it's too late to download the App, this does give us a few valuable pieces of information.
1) These companies can be fast to do damage control when they have to.
2) It's reported that the iPad App has a native iPhone App bundled in. Could this lend even more credence to Netflix on iPhone coming soon? At least we know it somewhat runs.
It may be a while before anything comes along. As noted, the battery life is drastically cut. The App is also said to run painfully slow and have plenty of lockups on the 3G.