The new name just doesn't make sense. Nothing about it implies "movie rental."
There's also a movie site named "Flixster", which sounds a lot like "Qwikster". So they have no brand recognition, and the name they do have is quickly associated with things other than Netflix. I mean, seriously, whoever said "Mailflix" or "Netflix Classic" would make more sense. I agree with the idea of what they're doing, but the name wasn't the best choice.