Is Netflix too expensive?

Is Netflix overpriced?  They have continued to find growth and are putting all traditional movie stores out of business.  Are they maxed out or can they continue to find new markets?  Now they have defeated Blockbuster, who is their competition?  Redbox/Coinstar (CSTR)?  Apple TV? On Demand from your cable or satellite box?  I love this company, but the P/E is 70.  Does it deserve to be so high?  I know I go back to Apple a lot in this blog, but that's the model for company growth in this generation.  Right now, their P/E is only 22!  With the exception of Apple TV, its a different industry and not really fair to compare P/Es, but 70 is just way too high.