Just tried watching Netflix on PSVR. It is 'kinda' cool. There are 3 'sizes' you can set the cinematic mode to:
Small: smallest screen that is always in center of your view. So when your head turns, the screens turns with you.
Not the most pleasant mode, cause when you want to look more to the edge of the screen, it moves with you... unless you keep your head straight and look at the corners moving your eyes only.
Medium: This is like a big screen on the wall, and it stays 'in place' when you move your head. So it's easier to look at another part of the screen than just the center. Feels like a cinema, just lower resolution. You really miss details in facial expression or moving images. This mode was 'ok'-ish for watching a movie.
Large: HUGE screen on the wall, very hard to watch a movie in this mode. It's like sitting on the front row in the cinema (I don't like that).
Was it DVD quality? no
Would I watch movies using PSVR cinematic mode? Only if the main television is already in use and I really, really want to watch that movie! But probably I would be fine waiting for my turn to use the television later on...
For VR gaming I still think it is very cool! For movie watching or playing games in cinematic mode, mehhh