Looks pretty good to me.
I saw the video before it got pulled (infact it's in my browsers cache, so I have it here).
The service launches next month. It's free to existing Lovefilm subscribers at no additional cost and includes "most" of their catalogue, and all new releases.
You can manage your postage disk list on it too.
It looks excellent.... and certainly has swung me into subscribing (I liked the trial but it wasn't quite right, this makes it totally worthwhile. Time to cancel Sky.... Murdoch can go screw himself).
What with this, ITVPlayer and 4OD all coming to PS3 soon, free of charge, to ALL PS3 owners, and BBC iPlayer recently showing HD content to PS3 (something nobody seems to have bothered reporting), it's all good.... The "It Does Everything" box now does even more...