I'm not sure that "killing" is the best word to use here. I would say that it is definitely making a dent. I've been using Netflix (and hulu) more and more, and torrents less and less.

Being able to instantly watch is a huge incentive for me. I also like to think that my views help the show stay on the air. Realistically, Hulu and Netflix viewcounts probably don't count much, but better than nothing right?