Netflix‘s streaming media library is finally coming to the iPhone app store, according to Netflix CEO Reed Hastings who announced the news today at the Apple WWDC event.

The push to make Netflix available will happen this summer and coincide with the release of Apple’s fourth generation iPhone device, which features a plethora of major hardware upgrades.

The iPhone 4 (as it’s currently being called) will sport a larger 3.5 inch display, 960×640 resolution with 326 pixels per inch, 800:1 contrast ratio (4x better than the older model), IPS Technology for superb color, and wide viewing angle, stated Apple CEO Steve Jobs on the WWDC stage.

“It has 78 percent as many pixels as the iPad! Right in the palm of your hand!,” Jobs said.

While many people will continue to scoff at the idea of viewing a film on a 3.5-inch screen since it’s intended to be seen in a large theater, the display upgrades on the new iPhone are a ridiculous leap forward from what’s in the current mobile handheld marketplace.

So yeah, avoid watching The Dark Knight (or anything made by Christopher Nolan) on all iPhone devices, but who wouldn’t love to kill a boring half hour with some BBC sitcoms?

[Source & Photo: MobileCrunch]