If this leak's legit, whoa. Netflix Watch Instantly streaming video on the iPad is one of two video apps we're desperate for, besides Hulu (also supposedly coming). Potentially, a true killer app. Updated.

Not many details, but it's fairly self-explanatory, since we've seen Netflix Watch Instantly on lots of other devices, and it seems to just be an iPad-optimized rendition. Here's the description App Advice has pulled:

Get Netflix on your iPad. Just download this free app and you can instantly watch TV shows & movies streaming from Netflix. • Watch as often as you want • It's part of your unlimited Netflix membership • Resume watching where you left off on your TV or computer • Browse movies and manage your Queue right from your iPad • Not a Netflix member? Join today and get a 2-week free trial.

Given the Windows Phone 7 demo of Netflix streaming, we know this is where they're interested in going, and it really can't come soon enough. This is what the iPad was made for. [App Advice, Thanks Sean!]

Update: App Shopper's got the Netflix listing too now, so you can proceed to weep with joy.