More or less...
In one setup, we access Netflix with a Wii, plugged into a standard tv via RCA cables. (The Wii's biggest shortcoming at this point is that it doesn't allow for convenient searching. You'll want to use a computer to put stuff into your queue for watching later on the Wii.)
We've also got a desktop plugged into a small hi-def tv using a standard computer monitor cable. Works well. Picked up a nice little speaker system (complete with the tiniest woofer I've ever seen) for about 20 bucks or so.
Our son uses a console of some sort, XBox I think, for Netflix. For other video sites he uses his laptop.