The biggest picture quality issue is possibly the cameras themselves: a lot of TV looks uncomfortably real - like it was shot on a security camera. Though I did get the same impression from Breaking Bad in 4K, even though it was shot on 35mm.
For some reason we've become accustomed to 24FPS as realistic, and the smooth motion on a 120hz screen is jarring.
Just like those highly realistic dolls from Japan where you can tell something is wrong but you can't quite put your finger on it.
Netflix is currently using 15.6Mb/s for 4k streams, and I believe that's still using H264 rather than H265.
The stream bitrate appeared to be around 10-15 Mbps. I believe most 1080p bluray content starts at 25 Mbps.
Let's see what 4k Blu-Ray brings this year...