When Netflix launched instantview in the states, it was thin on choices. I would imagine the same is true for uk at this point. I also would imagine that the choices will expand rapidly and dramaticly.
IMO Netflix is a beast of a service, I don't think it has any real competition. Just wait for it broaden a bit.
But if your asking if shows get put on netflix after they have aired on TV i think you might have the wrong idea. A TV show isn't going to be on live TV one week and then be on netflix the next. They might carry a series that is currently on the air, but likly the seasons will lag behind one year from what is on the air currently. Meaning that liscene holders of said TV show will want to sell you copies via istore, PSN, XBL, or the retail store before they let Netflix have a crack at streaming it.
So while netflix is amazing and offers great value, don't expect it to be a way of watching current on the air episodes of current on the air shows.
I can't comment on lovefilm, other then to say i laugh ever time I read the name. But I have never used the service, as i am an american.