Preview at WWDC likely in June, followed by September launch.
Netflix for iOS Updated to Support the iPhone 5's Widescreen
Support for the iPhone 5's taller screen is particularly useful in video/movie apps such as Netflix as it allows many widescreen movies to be viewed in their native aspect ratio. The Netflix app is a free download from the App Store [Direct Link] but requires a Netflix account.
Many popular apps are being quickly updated to support the iPhone 5's larger screen. Yesterday, Instagram was updated, and several iOS games have also seen updates.