You can find what shows they have and don't have with a visit to their web page. Their DVD movie selection is far, far better than the instant view selection. As far as how "fast" you can watch a program, it will depend on your ISP, among other things.
Honestly, the free trial is the best way to get answers to all your questions. What works for one may not for another; give it a try and then you'll know for sure.
We have it, and I ask myself every month if I got my $$$ worth. However, we do also have Comcast HD cable and several premium channels, so we have more TV than we have time to watch it...