I just just realized that I've actually forgotten Netflix is something other than a streaming service.
What I'm actually thinking of is effectively subscription-based Steam. One price, access to the whole catalog. The provider could create tiers with a limited "check-out" system ala O'Reilly Safari if the unlimited idea is too scary.
I haven't used the DVD-by-mail side of Netflix in years and I did try Gamefly at one point.
The instant gratification of streaming/downloading is pretty important to me these days. I don't know exactly when I'm going to have time to play a game or watch a movie and I can't be totally sure which genre I'll be in the mood for.
OnLive and Gaikai (now part of Sony) are going in this direction. I wouldn't be surprised if eventually the Playstation Plus subscription includes game streaming.