In the quest to reign the world of home entertainment streaming, partnering with Microsoft to provide your movie download service on Xbox 360 is definitely a good move. In fact, it’s a safe bet that a good percentage of potential set top box owners are already packing an Xbox 360 and for these guys you’re practically a shoo in. Netflix, of course, is the lucky winner here. Showcased at a Microsoft roundtable event held yesterday, Netflix’s Xbox 360 streaming service was actually quite impressive. Movies and TV episodes added to the Netflix queue (this still has to be done on a PC for now) become available on the Xbox 360 almost instantly and playback is controlled with the same familiar navigational elements used during DVD and video playback. As Netflix continues to expand its streamable library beyond the 10,000 movies and TV episodes already present, this partnership with Microsoft is going to help their service tremendously. Once it launches, the Netflix on Xbox 360 service will require a Gold level Xbox-Live subscription.