re: pay I make far more than I've made at any of the 4 FT jobs I've had in 15 years. I'm paid a bit less on an hourly basis than my highest rate charged when I did consulting. I'm good. I was expensive.
re: benefits. Netflix matches 401k, they have an ESOP, they have a unique option plan, free (decent) lunches, snacks & drinks, etc.
re: health care. I'm single, my very good insurance program came out to less than $30 per paycheck since I've worked there. Next year they're changing the way insurance is done - every employee got $10k extra pay. This is intended to be used to cover the full cost of insurance, using my current benefits as a baseline it's a bit less that $8000 per year. People with dependents will almost certainly pay more. Many might be unhappy, I personally think it's fair.
re: fear. I have failed many times. I have succeeded more. Perhaps I'm just an smug asshole, but I've never once felt fear for my job.
re: innovation. I've personally spent more time innovating than at any other job I've had, including my last in a corporate research "lab".
The glassdoor review that I wrote after 6 months - http://www.glassdoor.com/Reviews/Employee-Review-Netflix-RVW...