NetFlix has some great plans for the future. It is planning to develop an application for the iPhone to allow users to view movies and TV programs right from their beloved device, and the best part is, it will be free.

There will be no trailer or advertisement at the beginning of the movies, they will be instantly viewable and allow users to stream movies in less then half a minute. Users will be able to pause, fast forward, rewind or just play, and even replay the movie using an active Wi-Fi connection.

However, when interviewed by Reuters, NetFlix’s CEO Reed Hastings said that a partnership with Apple is likely to come with time, although nothing is planned in the short term. As far as the movies go, they are not focusing on the mobile segment at present, but rather more so, on the Blu-ray discs. Eventually they will get to mobile, Hastings added.

It would be nice to watch my favorite movies on my iPhone. I kind of like the idea.