A lot of observers, especially on HN, worry about the balkanization of video streaming content and see it as hindering Netflix's growth. In my opinion, I don't really see it. When the dust settles I think we'll see Netflix and Amazon as the duopoly of this era of video streaming.
I don't think Disney's streaming service is out to compete with Netflix directly, to me it's more of a play to leverage the Disney brand and ensure they still have a 1:1 relationship with the consumer. Look at it this way, dozens of journalistic outfits have gone by the wayside in the era of Facebook and Google, but the New York Times and Wall Street Journal are not trying to compete by being aggregator platforms like Facebook and Google, instead they are leveraging and monetizing their goodwill and reputation by putting up paywalls, I see Disney doing the same for their content. Also, Disney (smartly) is going to hedge their bets and continue to put new original content on ABC, ABC Family, movie chains, etc. They are not playing the same game as Netflix. The same can be said for Hulu, yes Hulu has more original content -- but at the end of the day Hulu is mainly a channel for the traditional networks to get their hit shows on a streaming platform ASAP from original air date.
As long as Netflix keeps their debt under control, they will continue to grow and have a lot of room to keep raising their prices. Netflix is still drastically cheaper than the cheapest cable bundle, even if you combined a Netflix subscription with Amazon, HBO, Hulu, etc.