At Apple’s Worldwide Developer’s Conference today, Netflix CEO Reed Hasting hit the stage to officially announce that a Netflix iPhone application is coming this summer.

Hastings also mentioned that the Netflix iPad application is the No. 1 most downloaded in entertainment apps. Details were sparse on what the iPhone app will feature, but we can expect the usual: You can search Netflix titles and manage your queue. Hastings made it clear that users would be able to continue watching video from the last moment they watched on any device — which will include the iPad and likely other Netflix-viewing devices as well. The app will be free when its released, just like the iPad version.

He also mentioned that the iPhone app will take advantage of Apple’s adaptive bit-rate technology to allow it to seamlessly switch between networks — which tells us that it will also work over AT&T’s 3G network. While that’s certainly a nice feature, now that AT&T has moved towards limited bandwidth data plans, many new iPhone owners likely won’t spend too much time enjoying Netflix over 3G, given the newly hiked cost of watching a movie over the air.

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