In the words of analyst Michael Pachter of Wedbush Morgan, "Blockbuster is kicking their butts, and they're not used to that." Not that Blockbuster is doing great financially, but unless Netflix comes up with something to compete with Total Access, Blockbuster has the upper hand.
What can Netflix do? Netflix could open Kiosks. Or they could buy RedBox or just partner with Redbox to allow Netflix subscribers to return and rent DVDs like Blockbuster does with its stores instead of just waiting it out. On a positive note, at least Netflix makes money - unlike Blockbuster. However if the trend continues, the tides may turn, especially if Blockbuster does something to improve their (IMHO it's a fancy but not extremely useful website).
NFLX 1-yr chart