Almost 3 months ago, Reed Hastings, CEO of Netflix showed the world the Netflix iPhone app. Today, the application has been released for the iPhone and iPod Touch devices, which allows users to watch streaming Netflix movies & TV shows directly from their Apple device.

This comes as big news for both Apple and Netflix shareholders. Netflix should see an influx of new users signing up, at least for a free trial, just to test out the service on their iPhones. The quality of video looks to be very good, if you are using a WiFi connection. If you opt for the 3G connection, quality will take a hit, based on your signal strength from AT&T.

The Netflix app for the Apple iPad has been out since April, and it has caught on quite well. There is no reason not to expect this to become one of the more popular apps in the iTunes store.

In order to get the new app, you can download it from the iTunes store at: http://itunes.apple.com/us/app/netflix/id363590051?mt=8#

To be able to watch a movie on your Apple device, you will need to be running iPhone OS 3.1.3 or later, and be a Netflix member. Netflix memberships start at as low as $8.99/month. You can also request a free 30 day trial at Netflix.com.