Perhaps, but many people watch Netflix, and by default Netflix consumes as much bandwidth as it can in order to stream at the highest quality available. This is going to sting for those non-teksavvy Netflix users.
If this had been true then Netflix should have been digitizing analog sources dynamically, which would be all over the news. So I doubt Netflix does that, they only can use as much bandwidth as there is in their sources.
The majority of users already pull the top bitrate. The lower bitrates are only used by mobile clients and users on very bad connections.