When it was just DVD delivery/rental you are right.Blockbuster lost its edge years ago and bankruptcy only cements the company's worthlessness to society and further justifies why it should be gone altogether.
Now the playing field has changed and the move is to streaming content. BB has the slight advantage with the prime studios to be the first to broker the deals that allow them to be the first to offer new releases instantly.
Netflix is scared and rightfully so. The tangible differences are getting fewer and fewer. Once streaming is king and delivery method of choice; content price and delivery method will rule.
With Blockbuster coming out debt free next quarter, google, amazon, and hulu in the race it's anyones game...BUT Blockbuster has the inside deal ith studio.