Is the Netflix Deal (NFLX) with Relativity Media that Groundbreaking?

Is all the news lately around Netflix Inc. (NASDAQ:NFLX) and their "groundbreaking" deal with Relativity Media that huge?

The deal allows Netflix to release major theatrically released films owned by Relativity, licensed directly and exclusively to Netflix for streaming to its subscribers during the "pay TV window."

Is the deal really that "groundbreaking" or is this a non-event for NFLX shares that are now priced over $100?

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"The Fighter," starring Christian Bale, Mark Wahlberg and Amy Adams and distributed by Paramount Pictures, and "Skyline," co-directed by the Brothers Strause and released by Rogue Pictures and Universal Studios.

But both films are scheduled for theatrical release later this year and to be available at Netflix in early 2011. Sounds like a non-event to me.

What investors should be looking at is the financials. Netflix, which is currently trading at 56 times earnings, is going to take a big hit due to the postage increase. The company ships an average of 2 million DVDs each day and said, it's "willing to take our share of the sacrifice to ensure a stronger, more viable United States Postal Service."

Two cents on two million DVDs a day comes to $14.6 million a year. That’s more than 10% of what Netflix will make this year.