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The service will start in November in the United States if you already have a Netflix subscription, which start at the princely sum of $9.
You will also need to have a Blu-ray disc, provided by Netflix, in your PS3's drive when you want to stream content. According to the New York Times, this is merely a short-term solution to the Netflix/PS3 partnership and that it may go disc-free.
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I'm a fat, lazy f**k and demand to be able to browse, select and view my entertainment without getting off my fat, lazy f**k of an arse to insert and bloody disc.
Of course, it's entirely unrelevant - I'm not in the US. My fat, lazy ass will still have to drag itself to the LoveFilm disc sat on the doormat, tear open the fiddly mailer, extract the disc and insert into drive. As Kinky John once said; "Effort!"