The films are streamed so there is no downloading involved, and can also be watched full screen on your computer, iPad or a GoogleTV device (finally a use for the Google set top box.
The streaming is good and the definition is of a good quality. Naturally there is a social aspect to it all and you can arrange to watch films with friends if you desire and there is a game in the app as well based around casting and your friends list.
There are 20 movies available in the US, there are some movies available in the UK but not all 20. Like other online rentals the films are available for 30 days and then 48 hours after you start watching.
Check out the app on the Miramax section of the Facebook website.