Awesome Wreck!
We use Netflix streaming quite a bit, and the HD content, especially for newer shows and movies is pretty decent. The rest of the time we use it for "catch up", or to watch Foreign/Docus we want to check out.
Hey Wreck-it should tell you near the bottom of the description of each title,if you're streaming via PS3. I can't remember if there is a way for you to browse just the HD stuff on the PS3,as a category. If logged into your Netflix account on your computer, I believe you can under "Genres" in left browsing column.