I'm assuming yes. Only with the Apple AV-Out cable. I know the iPad version of Netflix can output over VGA and the AV-Out cable, so the iPhone version might also do the AV-out and VGA (VGA out is only on the iPhone 4).
Hold on there Sparky... I have an iPod Classic. I bought the cable set up from Apple that allows you to connect it to your TV.
I tried it with the iPhone 4.
Works like a charm! Set it up the exact same way I set up the iPod Classic. The only difference is that you don't get the text warning message asking whether you want the video signal to go out to the TV. It just happens when you start to play the movie on your iPhone 4.
Simple and easy! Love it when THAT happens!
NOW, having re-read the original question, I have yet to try it with Netflix. I'll see what happens and report back! It helps to read the question first before popping off! My bad...
I have checked and Netflix did not work with the Apple's HD Cables on the iphone 4. Work great with my iPad but no go on the 4. I thought for sure it would work. Why include that in the iPad version but not the iPhone version. Seems strange but so is leaving out the ability to update your queue on the iPhone version.