On Thursday video rental service Netflix announced the release of Netflix for iPhone and iPod touch. The app is free to download from the App Store, though you will need an active Netflix membership in order to use it.

Netflix director of product management Jamie Odell made the announcement in a post on the company’s blog.

Netflix first came to the iOS platform in April with the release of the Netflix app for the iPad. This new app is, in fact, an updated version, now able to run on iPod touches and iPhones as well.

The software has limited functionality compared to using Netflix streaming over a Web browser – most specifically, users cannot edit queues or browse DVD rental selections, only viewing instantly streaming media (to do that, you’ll need to log in to Netflix separately using a Web browser). Netflix’s selection of streaming media is considerably more constrained than its library of DVDs, which is mailed to subscribers via the U.S. Postal Service.

Netflix confirmed plans to bring Netflix to the iPhone during Apple’s introduction of the iPhone 4 in June, at Apple’s Worldwide Developer Conference in San Francisco.

Netflix for iPhone, iPod touch and iPad works with iOS 3.1.3 or later.