I just noticed I am having this problem. I am not sure when it started for sure, because I don't use Netflix too often. But whenever I try to use the Instant feature of my Netflix account I get this error box (See attachment). The other included error message is pretty much self explanatory. I've got that one figured out already.
I am not too sure, but I think that it may have something to do with installing K-Lite codec pack on the computer recently.
I didn't come across anything in their FAQs about this issue, actually.
It is not urgent, but I was just curious if anybody else has come across this problem and if you were able to resolve the problem in some way without uninstalling K-Lite Codecs.