Netflix to PS3 . . . any takes on Quality Vs BluRay?

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I see there is a service to download directly to your PS3 from Netflix with the use of a proprietary disc.
I also see not much mention as to the quality of the picture except blurps about "HD-Quality" and "1080 coming soon!".

So I wanted to put the feelers out there for anyone that may have experience with this and the overall quality
of the movies they are renting for download to the PS3 platform.

As it is now, I'm running HDMI direct to my 50" Pan. Viera Plasma from the PS3 for BluRay rentals from B-Buster.
But, the box store locations are drying up. More than half the local Blockbusters closed this year, and the Blu-Ray sections
are growing at a snail's pace int he remaining store. 80% are just stupid titles so I'm losing patience.

For the record, I was mildly satisfied by the HDTV DirecTV movies during my month HBO trial when I got the dish 2 years ago.

THe service seems so promising. I DON'T need to watch 'on demand', I would rather wait an hour for the download to take place if it meant better quality.

Thanks and hope I've stirred up some thoughts on this