Netflix absolutely sucks for movie content streaming. 95% of the content are movies I've never even heard of, and the ones that I have are usually bad as well. It doesn't even come close to pay-per-rental services from Amazon, Vudu and the like, but none of those are available on the iPad. MSpot is another option that is much better than Netflix and does have an iPad app.
In terms of TV, Netflix does have a pretty extensive catalog of things that have already been released to DVD, with some big ommissions (like The Simpsons), but no current season TV. Hulu+ has mostly bad older shows available, but does offer current season shows. However, their current season excludes some of the shows that are available to watch on the regular Hulu free sight, like again The Simpsons and South Park.
So there's no really good solution here. Assuming you are just talking iPad apps, if you want movie rentals I'd just rent them one-off using MSpot. If you want current TV shows, Hulu+ is the only option (well, another option is to get the Skyfire browser app for the iPhone and stream Flash off of the network sites). If you want older TV shows than Netflix is probably the best bet.
It's weird that iTunes don't stream yet, but hopefully that'll come soon.
Tony