This is pretty cool--cool enough to make me wish I had an iPhone.  Netflix has updated their iPhone app, and announced that they are adding video-out capabilities, though it will only work with the iPhone 4 and iPod Touch 4G models.

That means that Netflix customers can use the free iPhone app to push television and movie content to a larger device--say, a giant flat-screen television.  Note: you will need an adapter, sold by Apple, in conjunction with the app.

Netflix Adds Video Out Capabilities To Their iPhone AppIf you already have an Internet-ready TV with built-in Netflix capabilities... then this won't be very exciting news to you.  Ditto for those of you with Blu-Ray players or video game consoles that offer Netflix streaming.

But if you're among the millions and millions who don't own such a device, then this announcement is reason to jump for joy.  It takes the Netflix-on-iPhone experience from a solitary one and turns it into a group affair.

Now you can gather around the living room and have your family movie night powered by a smartphone and an app.  Nice.