I finally got an ipad and I do the hotspot with my phone and it works very well. Through a fluke I ended up with a 4G phone with unlimited data with Verizon. Haven't tried Netflix yet but I'd be surprised if there were any issues.. it's fine on the phone. Streaming also works fine in the car while using bluetooth audio or aux inputs (no, I don't watch while driving).
I've been using Western Digital WDTV Live boxes for years, play back hard disk content and internet apps. Kind of a love/hate relationship with them though.
I also have streaming through Tivo and blu- ray players at home. They all work.
If you have an iPad, get an AppleTV- you can mirror the iPad's display if it was made after mid-2011.