Well it does hold true for me. I use netflix to supplement cable TV, Anime, and originals. My HD movie collection is nearing 400 movies and TV show seasons.
But I would think that market wise. There are less gamers that would sign up for 1+ year old games. I think there would be a bigger hit from sport game players deciding to only play year old ones on this instead of buying their games new.
But I would say that the movie rental environment and game subscription services would be two wildly different markets. The rental market is more of a Movie theater supplement and not a supplement for ownership. That's not the same for games.
Also Netflix does two things. It rented out movies and databased the transactions to model consumers tastes and between knowing that and just plain trying to License as much content as possible you can be assured when signing up with Netflix they will have something in your tastes. Then you have gamefly while much more expensive gives you immediate access to games you want to play but you are worried about purchasing.
This is restricted to 1+ year old, single studio titles, of which they tend to only have 4-5 a year that are not the same old sports games. Chances are the 1-2 of those 5 games you want to play A.) wouldn't be worth the sub compared to lets say 2 months of gamefly B.) Probably already purchased, because gamers tend to be even more immediate purchasers, over any other entertainment media.
Also you have to keep in mind that oddly enough the people more willing to sign up for sub in console for a particular studios titles are probably the ones least likely to get value out of it.
