You're comparing PlayLater to recording a show with a VCR, but your Netflix content is ALREADY a recording, and the internet is your VCR.
The product you describe sounds more like duping your rentals from Blockbuster before returning them. In other words, clearly not fair use. You are not entitled to watch any content you want, anywhere, forever, on any device, because you rented it one time 20 years ago!
But, if you went to the trouble to buy two VCRs and didn't resell your copies, who cares? I think the same applies here. If you really want to be a cheapskate and screw the people who make that content, I guess you could leave a second computer running all month just to download Netflix streams, as long as it's just for you. Don't forget to give raisins to kids on Halloween!