This allows Netflix to include all of the licensing software required to give users access to its content, something that isn't possible via an optimized website.
My favorite tool for viewing the raw HTTP traffic is fiddler, but there are many other tools (e.g., FireBug) These tools are a great help when optimizing a site.
Write Applications Once, Deliver Anywhere - Second, several software vendors claim to take an approach of optimizing how a wireless web site looks on a particular wireless device.