Key statement in Tilson's analysis: "the stock is priced for perfection." He is not saying Netflix is a bad business, he is just saying that its current price is so rich it has to continue to do extremely well to justify that rich price, and there are big concerns looming that suggest it may not do as well. Should also read Reed Hastings's response:
http://seekingalpha.com/article/242653-netflix-ceo-reed-hast....