MediaMall's PlayLater is a beta application that will enable you to record streaming video from YouTube, Netflix, Hulu and other video websites. I was unable to get the beta working on my Windows computer, but CrunchGear was able to test it:
Upon launching the PlayLater, the user is presented with a beautiful UI and a grid of services: Netflix, Hulu, Amazon Video, TV.com, and 26 others. From there you select the service, then the program and finally the episode or clip you want to record. You have the option of either recording now or adding it to the queue.
PlayLater then starts recording, as in it seems to que up the stream and record the video as if it was being played live on your computer screen. For instance, when recording a Hulu program, the site’s onscreen playback controls are included for a few seconds in the produced video file. (see above) The commercials are there as well but since the recorded file is just a plain video container, you’re free to scrub past them. These files are playable on the PC only through Windows Media Player. VLC and others do not work.
You can download the beta here, and it's free for now but will cost $4.99 per month when it's released.
MediaMall claims it's legal and the files are encrypted, but I wonder how long before they get an interesting letter from the studios.
Do you want to be able to record Netflix (and other video) streams?