So, because Rich Smith treats Netflix (NASDAQ:NFLX) as though it's some seasonal summer rental in the Hamptons, we should all dump the stock? I don't think so. Thankfully, Rich is the rare kind of soul who couldn't care less about starting queues from scratch every May -- or watching a Hollywood blockbuster when a rerun of King of Queens or Stacked is on the tube come December. He's rare indeed; Netflix's churn rate is near a historic low at the moment, with a 4.7% monthly turnover.

Rich believes that there is too much content on TV to bother with Netflix. Does he really think that there is more value in paying DirecTV (NYSE:DTV) $93.99 a month for 215 channels than in forking over $17.99 a month to Netflix for access to its library of 50,000 DVD titles? That's about the price of four pay-per-view flicks from the limited data banks of EchoStar (NASDAQ:DISH) and cable satellite providers such as Comcast (NASDAQ:CMCSA) or Liberty Global (NASDAQ:LBTYA). Oh, brother. Leave Netflix? Now?

Rich argues that Netflix is overvalued based on last year's free cash flow. Netflix had how many subscribers at the time? About 2 million? All things being equal, how will free cash flow look come 2012 if the company hits its goal of landing 20 million subscribers?

Rich took the company to task for being cash-flow negative through the first half of this year, but that was the result of the price war hiccup that led to the company getting tripped up in the March quarter. The company had returned to its free cash flow-generating ways by the second quarter.

It's mid-September now, and Rich has that annual decision to make. Does he click and cancel his subscription -- again -- or does he break from tradition long enough to log in to his online brokerage account and click on a "buy" order for shares of Netflix?

One decision may save him some money. But the other is likely to make him even more.

David Gardner first recommended Netflix to Motley Fool Stock Advisor subscribers two summers ago at a split-adjusted price of $11.31. What stocks are piquing David's interest these days? Find out with a risk-free trial subscription.

Wait! You're not done. This is just a quarter of the Duel! Don't miss Rich Smith's bearish opening, Rick's bullish position, or Rich's rebuttal. When you're done, you're still not done. You can vote and let us know who you think won this Duel.

Fool contributor Rick Munarriz has been a Netflix investor -- and subscriber -- since 2002. He does not own shares in any of the other companies mentioned in this tournament match.