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Previously, Microsoft and Netflix had signed some sort of exclusivity deal, although the details weren't made public. The result was a stifled Netflix experience on the two competing consoles. That time has ended. In fact, the PlayStation 3 has a leg up on the Xbox 360, at least for now -- it has just begun supporting 5.1 surround sound. That feature isn't available on Microsoft's console yet.
Naturally, you need a Netflix subscription to download and use the app on any of the consoles. Service starts at $8.99 in the U.S. and $7.99 per month in Canada -- mere pennies, considering the volume and quality of content available online.