Not sure how long this has been around, but I happened to catch a commercial for it the other day. It's a fantastic idea, but looking over the movies and listings on the site, it's not terribly well executed.
As for shows, NCIS and Law & Order SVU are easy to come across on basic cable at just about any time of day, and other than nostalgia, I have no reason to watch Macgyver.
The movies offered are equally unimpressive. Basic Instinct 2? Hardwired? The best films offered are Blood Diamond and Ladykilllers.
Would anyone with access to Netflix online subscribe to this channel? Perhaps with some money it could bring some interesting original programming to the table, but for now, I have to give it a pass.