Netflix

I have a few questions about streaming Netflix to your 360.  I want to hear from people who have tried this before I try a 2 week trial.  First, how easy is it to cancel?  To sign up, do you have to give credit card numbers?  Exactly how good of a selection do you get with the streaming?  I have heard that you can't watch the newer movies.  I am not sure how much I would use the actual having a dvd sent to my house but the streaming sounds interesting if it has a good selection.