I've actually been watching a Netflix movie every night for the last four or six months, and I'm losing ground—they're adding them faster than I can watch them. These are all movies I'm legitimately interested in seeing, though not all of them are "good movies"; often I'll be working while the movie is playing. In recent weeks I've watched Chinatown, Anatomy of a Murder, Gentlemen Prefer Blondes, the Fistful of Dollars trilogy, Rocky I-V, Dirty Pretty Things, Blood Beast Terror, Grabbers, Monsters, and the Big Dollhouse.
If what you want are blockbusters from the last few years, Netflix is not for you. If you want to browse a random slice of the last eighty years of decent movies, it's actually pretty good. (If you want to watch a lot of cheap horror movies, it's exceptional.)
My Netflix spinner got me to "Where Is Parsifal?" a 1984 comedy starring Tony Curtis, Orson Welles, and Erik Estrada. SOLD!