The main issue is, in my point of view, fragmentation.
If you'd like to watch both HBO and Netflix series, then you'd have to subscribe to two services.
I don't think it's really a big deal. $8 for the new season of Arrested Development or Game of Thrones is a perfectly reasonable price to pay. It only seems like a tough price to swallow because netflix advertises themselves as a place to find all the content you want to watch.