Not going to link anything here, but certain PLEX/freeNAS plugins can basically let you make your own Netflix, complete with slick UI, but all the content.
However most people don't have the requisite knowledge to set all of this up, so I would agree with the other commenter that the majority are probably still going to just go to sketchy streaming sites.
I think content acquisition still has several hurdles as well as the pipelines of your favorite metadata scraper isn't exactly trivial to setup.
The actual software, once installed is really nice (I have a Plex Server + Infuse on an Apple TV), but in my case I still pay for content (via usenet).
