My speculation is that it has something to do with IPV6 and the security "fix" in Novemeber 22, 2010 that was put in place to address the ability for a server to track location of a connected device.
November 22, 2010 was the patch from 4.0 to 4.1. I would speculate the IPV6 "fix" broke netflix. Its just a speculation but too much of a coincidence to ignore. Of all the security release - this is the only one that talks about randomizing to location information for the device.
From Apple's Security Update Site. http://support.apple.com/kb/HT4565
Apple TV Available for: Apple TV 4.0 and 4.1
Impact: A server may be able to identify a device across connections
Description: The IPv6 address chosen by the device contains the device's MAC address when using stateless address autoconfiguration (SLAAC). An IPv6 enabled server contacted by the device can use the address to track the device across connections. This update implements the IPv6 extension described in RFC 3041 by adding a temporary random address used for outgoing connections.
You can read more about RFC 3401 here http://tools.ietf.org/html/rfc3041
Exerpt:
Some servers refuse to grant access to clients for which no DNS name
exists. That is, they perform a DNS PTR query to determine the DNS
name, and may then also perform an A query on the returned name to
verify that the returned DNS name maps back into the address being
used. Consequently, clients not properly registered in the DNS may not
http://tools.ietf.org/html/rfc3041#page-14be unable to access some services.