I don't know this for sure, but I have a Roku interface to stream Netflix to my TV. The Roku uses my wifi connection, but is connected to the TV by cable. I would imagine the X would function as the "interface" in this circumstances. I would think that, with the X on wifi and connected to the TV via HDMI out, you should (???) be able to go onto Netflix using the X, choose your video and click the instant viewing option. Of course, you would need to be a member of Netflix, paying for the option to have instant downloads.
I'll be interested in knowing if this works.