There are some new movies (Hunger Games just went online not long ago) and Netflix just made some deals with Disney, Epix, and others. No, you won't get new releases as soon as they are available on DVD. But Netflix has a lot of good newer stuff.
Amazon instant video seems to have a lot of new releases. I canceled my netflix and watch more Amazon now. I don't have to pay extra for it since I have a prime membership, but not all the free movies are on prime.
I actually have no idea, and I have Netflix myself. But mostly use it for tv shows and kid shows(When they are allowed to watch tv). But you might be able to go to there site on the internet and find out.