Downloaded a ton of stuff to a 128G iPad before going on a SFO-HKG-SFO mileage run last weekend. Worked like a charm. The standard quality video was pretty good, especially given how little space it took on the iPad.
Downloads were very fast from home (comcast cable modem) and I even downloaded a couple more in Hong Kong and it was fairly fast.
As previous poster said, UI is great, it's a really well done application.
They have a "jump back 10 seconds" button which is great, I'd put on my wish list a "jump forward 10 seconds" button so I can skip past the intros when watching TV series.
Really great applicaiton and feature, thanks Netflix!