This blog has long predicted Faceboo's rise as a major video destination and news that Netflix Chairman and CEO, Reed Hastings is to join the social network's Board is a clear signpost of what's to come (including a possible acquisition of Netwflix post-IPO that would give Facebook access to the rights it needs if it is to seriously contest against the likes of YouTube and Hulu).
It's interesting to note that Hastings also sits on Microsoft's Board.