The interesting question for NetFlix will be how durable it will be as a structure. My impression is that it selects for the wrong attributes in management. But time will tell.
Any culture where a manager can explain away a bad quarter by blaming their underlings is already screwed.
If my team is strong bottom to top, I try to find soft landings for my lower ranked employees because...well making people successful is what good managers do and concern for people as individuals beyond instrumental value is also a positive trait and it just seems fair and right in a karmic sense of the world.
On the the other hand, if the bottom people aren't really strong, a good manager gets cover for going against their positive traits.