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It's free if you already have Netflix, at least it was when I set it up. Not sure if you were asking whether to just set it up or sign up for netflix.
The movies rotate and "newer" movies are available for a short time. Not all new movies. But I watched Wall-E recently and a few others that were sort of new. You can also stream them to your computer. But yeah, the newest movies are not on there, it's mostly for somewhat older movies.
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