Works great...no disk and you also have access to Youtube, Hulu, etc.
I have both a Roku box and Playon for PS3. A native player is far far better. Playon is just not reliable and the quality is not as good. Relying on a PC to stream is hokey. It's great news that Netflix will have native players for all consoles.
I do hope that the PS3 player will support Netflix HD streams as Roku does. Not many players do.