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Tonight LG officially introduced their BD300 Blu-Ray player with Netflix streaming, which does exactly what you’d think it does: It plays Blu-Ray movies. It let’s you watch streamed movies from Netflix. It makes you the coolest person on your block. More after the clicky thingie…

From the LG press release:

Available this fall, the LG BD300 Network Blu-ray Disc Player will play
high definition Blu-ray discs, up-convert standard DVDs to 1080p and allow
Netflix subscribers to instantly stream more than 12,000 choices of movies
and TV episodes from Netflix to the TV for no additional charge.

LG Electronics and Netflix will demonstrate the BD300 Network Blu-ray
Disc Player for the first time tonight at LG’s 2008 Summer Line Show at
Morgan Library and Museum in New York City. (The event is open to invited
media only.)

Instantly streaming content from Netflix to the TV via the LG BD300
Network Blu-ray Disc Player will rely on a wired broadband connection and
Queue-based user interface. Netflix members will use the Netflix Web site
to add movies and TV episodes to their individual instant Queues. Those
choices will automatically be displayed on members’ TVs and available to
watch instantly through the LG player. Once selected, movies will begin
playing in as little as 30 seconds. With the BD300’s accompanying remote
control, Netflix members will be able to browse and make selections right
on the TV screen and also have the ability to read synopses and rate
movies. In addition, they will have the option of fast-forwarding and
rewinding the video stream.

Now about that “for no additional charge” bit…we’re assuming, of course, that they mean that there will be no additional charge beyond what you’d already pay to Netflix for streaming a movie. The BD300 is set to debut this fall for under $500. It’ll be interesting to see if Sony, Samsung, Panasonic and/or Pioneer follow suit. Ok, not Pioneer.