This certainly comes in handy while away from a laptop or desktop, and the reality is many Netflix users (especially younger) may have never watched Netflix through a browser.
The Version 8.3.0 update also improves navigation for VoiceOver users (software that will most likely always be receiving improvements), and fixes a bunch of crashing issues with the previous version.
The 33MB app for iPhone and 60.4MB app for iPad are now available to download free-of-charge from iTunes.
The app for Android devices was also just updated, but as far as we can tell it only includes bug fixes.