It's finally here!

Netflix (Nasdaq: NFLX) is living up to its recent promise to offer subscribers access to its digital library through Apple's (Nasdaq: AAPL) iPhone. The new app will also work on Wi-Fi-tethered iPod touch devices.

Yes, everyone knew that this was coming since Netflix introduced streaming on Apple's iPad during its April launch. It was the most popular third-party App Store download at the time. The large iPad screen makes it a natural multimedia device for Netflix's streaming services.

However, while Netflix can reach millions of existing and potential subscribers through the iPad, it now has access to the tens of millions of people in the country with iPhone or iPod touch media players.

I kicked the tires this morning, walking away impressed. The image quality is crisp, and it will even work on 3G if a faster Wi-Fi connection isn't available. AT&T (NYSE: T) has resisted at points to have rich media taxing its overburdened cellular network, but it seems to be playing nice here.

The app also lets users resume streaming a flick or television show on different platforms, something that (Nasdaq: AMZN) has made popular for Kindle e-books.

Is it a perfect streaming experience? No. The screen is more than a bit small. I decided to see how well it would work on a foreign film, so I fired up Bliss -- and almost had to squint to follow along with the subtitles.

However, I've decided to coin a few expressions.

  • Streamers can't be choosers.
  • You don't look a gift stream in the mouth.
  • Netflix -- ummm -- rocks.

Isn't is just a matter of time before Netflix bumps up its rates? It seems too good to be true. $8.99 a month for unlimited streams and the steady trickle of DVD discs for releases that can't be found on its expanding streaming library? The attractive value proposition has helped Netflix quickly ramp up to 15 million subscribers.

It's quickly catching up to cable leader Comcast's (Nasdaq: CMCSA) 23.2 million -- and shrinking -- couch potatoes.

Sure, it may want to wait until it sees what Coinstar's (Nasdaq: CSTR) Redbox digital strategy will be later this year before tweaking price points, but the wiggle room appears to be there.

The smaller the screens get in Netflix's world, the bigger the market potential.

Will Netflix ever stop growing? Share your thoughts in the comment box below.

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Longtime Fool contributor Rick Munarriz has been a Netflix shareholder -- and subscriber -- since 2002. Rick is also part of the Rule Breakers newsletter research team, seeking out tomorrow's ultimate growth stocks a day early. The Fool has a disclosure policy.