You are on the mark. This is a story stock and the story is a major paradigm shift. Right now no company can compare with Netflix for streaming from the net. It's much like when analog phone service was cannibalized by digital service via the internet.
Those that sell or short or buy puts based on P/E or some other 'fundamental' just can't see the big picture. The 5billion dollar run rate could well result in 10 times sales or a 50 billion dollar market cap. That's a $900+ share price.
Don't confuse the nflx story of streaming limited, mostly old content with the paradigm shift of TV Everywhere. Nflx business model based on shrinking margins, paying out the nose for content and giving away lots of free subs, all in hopes of a rapidly growing subscriber base will fail when content creators like TW, Viacom, Comcast, Disney decide to keep their content on their own TV everywhere platforms.