I'm suprised more ppl haven't chimed in on this since it isn't working for everyone.
This is what worked for me:
1. Delete application from PS3
2. FTP into HDD0 and delete both folders NPUP0030 and NPUP0030-CACHE
3. Reinstall Netflix on the PS3, it will ask you to update to 2.02, hit cancel and go back to XMB
4. FTP back to NPUP00030 and replace with this PARAM.SFO (http://www.multiupload.com/IP1FN1DSCA
5. Delete the Cache folder again.
6. Back to XMB and check to see if its still version 2.01, if it is, run Netflix again and exit once again when it asks you to update.
7. Check version on XMB, it should say 2.02.
8. Everything works!
Hope that helps.