In addition to having a new TiVo Mobile app on my iPhone to play with, I also have the ability to stream my Netflix Instant Queue to my TiVo. While this capability has been available on the Xbox 360 for a few weeks now through the NXE, I have to say that I think the TiVo implementation is much better.
For one, I don't have to hear the jet engines inside that 360 waffle maker when I want to watch something. Or deal with the extra overhead of the NXE advertising, etc. Performance wise, I think I got better quality video from TiVo. I usually got 3/4 of the bars (there are a bunch of them but I didn't count how many) on my quality check. On the Xbox, I never got more than 2 out of 4 bars and most of the time I got 1 bar. On occasion, I got a full 720p HD stream, but it sometimes buffered down, something else the Xbox won't do. On the Xbox, whatever quality you get initially you are stuck with.
But the biggest feature that gives TiVo the advantage is the seamless integration with the TiVo remote functions. You can rewind, fast forward, pause, 8-second rewind, etc. just like you do a TV show. It looks like TiVo and feels like TiVo, only it's Netflix content in the background. I like it.