Either Netflix gives in to the movie studios' demands and enters licensing/pricing agreements on the studios' terms, or the movie studios will use a separate provider of streaming services and cut Netflix out entirely. The studios have been fighting web technology tooth and claw (usually in stupid ways), but the underlying motivation is that they want control of the price model. There is no technological reason why they won't be able to achieve this, even if their products will in the end be distributed through the web.
There are already startups working on portable and efficient streaming software which is specialized for licensing to content _producers_. If one of these companies can create a unified brand and payment portal while giving control to each individual studio, Netflix will be a second-class citizen in the media distribution world. I guess Netflix could take this role on its own, but it would go against its vested interests (ironically, exactly the same situation Blockbuster was in before it got crushed by Netflix).
There are probably some antitrust issues that will come into the light if this scenario plays out, which might mitigate things a bit. But to me this seems like a very large threat to Netflix's success. I am going to say the unpopular thing here: Netflix's best option for long-term survival is to allow each studio to set its own pricing/licensing terms.