Yes, there are interesting things to solve in cloud computing but discovery, search, personalization, and the overall architecture of the Netflix website can only be described as patchwork. The people who are working on these services are stuck in their ways and are protecting their personal little kingdoms. Netflix used to be leading when it comes to personalization and other discovery mechanisms. It has lost its ways and now those areas are a few years behind the competition.
On a related note Netflix praises itself to have extremely talented people. This might have been the case but the talent density is certainly not the same as it used to be. A lot of the good people left recently and a lot of the deadwood hangs around because they will never be able to get a comparable salary elsewhere. There are the occasional firings going on but that is just scratching the surface. Because Netflix does not believe in career development (active or through mechanisms like 20% time) for their people it is hard to keep up with the competition.
