any version of netflix above 1.2.2 doesnt sync correctly on the Optimus V or the optimus S. its in the comments on the app in the market itself.
just use netflix 1.2.2, search google for the apk. that version syncs fine. i watched a few jackie chan and bruce lee movies on it last night.
the only issue you have to deal with is the app telling you there is an update available, just click cancel and use it normally.