There are two huge danger points when assessing and reviewing streaming media services that should be considered from the get-go.

Firstly, there's the fact that streaming media libraries are rarely static creatures. The rights to certain programs and movies come and go over time, and as such, the "value" of a service can vary quite a bit over any given time span. That's especially true for new services, and in the Australian context, Netflix, Stan and Presto are all effectively quite new. The picture when it comes to content could be radically different six months from now, or even next month.

Then there's the issue of taste. Not everybody likes the same TV programs, but that doesn't automatically mean that the provider with the widest library is the one that's automatically best. If you're only keen on period drama, a service that has millions of explosion filled Hollywood action-fests is unlikely to appeal. However, the reality here is that each service has its own "exclusives" and those with broad tastes may find that subscribing to more than one service is the only legitimate way to access the content they want.

Netflix, Stan and Presto are the ones getting much of the hype right now, but they're far from alone in the streaming video space in Australia. There's the free services offered by each of the terrestrial channels, including Auntie's own iView and SBS' On Demand services, and then there's more niche offerings such as services that offer up only Japanese anime titles, or US professional sports ranging from basketball to NFL all the way to professional wrestling. There, you're very much paying for a particular niche preference, where the big streaming services claim to offer a broader spread of programming designed to suit a wider audience.

With those points out of the way, and with Netflix Australia having launched today, what's actually on offer from the big three streaming services?

Netflix

Price: $8.99 (SD, single stream), $10.99 (HD, two streams), $14.99 (Ultra HD, four streams)/Month

Netflix is the big name "brand" in the streaming video space, and it's widely touted that hundreds of thousands of Australians have been accessing its US services via VPN or DNS workaround for quite some time now. Fans will tell you that it's the be-all and end-all of streaming, with everything you could ever want.

The fans are wrong. I'm sorry, and I know I'll catch some flak for saying so, but Netflix doesn't have everything, and the chances are that if you go in with any kind of random search for a movie or TV show, you're more than likely to come up with a blank response, or a suggestion of something else similar. Even some quite popular movies of recent years are MIA on Netflix Australia.

It's a point that's particularly exacerbated if you are a VPN/DNS Netflix dodger, because a quick analysis of the available titles available on Netflix Australia shows it to have around 1/8th the content of its US counterpart. Bear in mind, however, the point above about size not being the be-all and end-all of value, depending on what you want to watch. With over 1100 titles, it appears that Netflix Australia may have the largest content library of the big three players at launch.

Complaining aside, Netflix has had years to smooth out the rough edges on its service, and it shows. It's available on far more platforms than its competitors, spanning smart TVs, Fetch TV, Apple TV, Chromecast, Windows, Mac, iOS, Android and gaming consoles. Like shopping on Amazon, it's built around suggestions and taste lists based on what you've previously watched, with mostly sensible suggestions, as long as you remember to set up each "watcher" as a distinct individual. Fail to do so when your kids are around, and you may find My Little Pony nestling in with The Texas Chainsaw Massacre. That rarely looks good.

In terms of exclusives, Netflix's long history of streaming in the US, and the budget that this affords, it gives it exclusives on what it calls "Netflix Originals." Some of these have appeared on Foxtel already - series such as the US version of House Of Cards and Orange Is The New Black, and upcoming series based on Marvel superheroes such as Daredevil. Netflix has flagged that with rapid global expansion part of its 2015 roadmap, it wants to secure all its content licences on a global basis, which means that other productions may well end up as de facto Netflix exclusives as well.

Netflix has the most pricing tiers of its competitors, based around the quality of the stream you want, as well as the number of streams you'd like to access simultaneously. Unlike its competitors, there's no limit on the number of "registered" devices tied to a service, because Netflix just uses a simple login on any available client. It's also the only service that can take advantage of global reach, so if you do travel (or... cough... ahem... your computer thinks you do...) it's feasible to switch Netflix regions and keep on watching.

Netflix is also the only provider to offer Ultra HD content, albeit only for a very limited range of titles and with the obvious caveat that it chews through data rapidly. Optus and iiNet have announced they won't charge Netflix usage against user quotas, but that'll only apply if you're accessing Netflix Australia without any VPN trickery at play.

It's likely that Netflix's deep pockets, along with its stated intention to get global streaming rights for its programs may see it nudge out smaller competitors in the marketplace. That's probably not good in a competitive sense, but could be convenient if you don't want to subscribe to multiple services.

Stan

Price: $10/Month

It's got a weird name, but Stan's service is generally solid. There's only a single pricing tier, which nets you access to Stan's mixed library of standard and high definition content on up to six registered devices with three streams running simultaneously. There's no Ultra HD option as there is with Netflix, but the flipside of that is that Stan doesn't charge extra for HD content, given its single pricing model.

Stan supports streaming on desktop/laptop browsers, iOS and a selection of Android devices, and casting out to Google's Chromecast and the Apple TV via Airplay. There are a few quirks with Stan, especially if you're a desktop viewer as it relies on Microsoft's Silverlight technology for broadcast, which means, for example, that Mac users who like the Chrome browser will have to switch to watch Stan.

Stan's content library claims a few exclusives, such as Breaking Bad spinoff series Better Call Saul, and its close links with Channel 9 (who co-own the brand with Fairfax media) should give it certain inroads into local content as and when it's available.

The one thing that Stan hasn't managed to crack are any quota-free deals with local ISPs, which means that if you're on a low allowance plan, it could burn through your data cap rather rapidly.

Presto

Price: $9.99/$14.99 per month

Presto is Foxtel's streaming offering, but it's not quite Foxtel's only streaming offering. If you're an existing Foxtel subscriber you can access Foxtel's subscription TV and a variety of catch-up TV services via the Foxtel Go app, and equally, if you're not a cable/satellite subscriber, there's Foxtel Play, offering Foxtel services over a straight IP connection.

So why have Presto at all? Essentially Presto fills the lower-cost gap that services like Netflix and Stan focus on, and Foxtel's not quite willing to give up that ground just yet.

It's an issue for Presto, however, as it's tough not to compare what it offers against what "full" Foxtel will give you for a range of prices starting at $25 per month on contract. Presto doesn't have contracts, but it does offer two pricing tiers, at either $9.99 per month for movies or television, or both bundled together for a flat $14.99 per month. That puts it in the upper-pricing tier along with Netflix, but sadly Presto can't quite live up to its premium pricing model.

Content in this space is a continually-adapting critter, and Presto does have certain advantages, such as access to HBO content that you'll never see on Netflix or Stan while Foxtel still has its general HBO exclusivity, but that doesn't include popular series such as Game Of Thrones.

As an aside, for whatever it's worth, Foxtel id looking to repeat its deal with Game Of Thrones offering it as a $5 extra on top of any existing Foxtel plan during the three months the series will run this year, but that means it's a minimum $90 spend over that period.

Back to Presto, and it's worth reiterating that while a straight numbers comparison isn't the most useful thing, because tastes in TV programs vary, it's hard not to look at Presto's slim offerings and see the huge gulf between it and Stan, and the gulf beyond to Netflix's library, Australian or US. Equally, its lack of HD content is a definite problem in a market that's rapidly adopting higher-quality visuals in programming.

That's not the only issue with Presto, however. It's also the most tightly locked down of the streaming services. No matter which subscription fee you opt for, you can only have four devices "registered" for use with Presto. You can also only have two streams going at once. Support is there for desktop browsers, iOS and selected Android devices, as well as streaming out to Google's tiny Chromecast dongle, but if you do opt for big-screen Chromecast streaming, Presto counts the streaming device - tablet, mobile or desktop - as one device and the Chromecast as another, effectively using both of your available streams at once. To pour further salt onto the wound, because of this limitation, if something goes wrong, and streaming services are not without their hiccups, you can be entirely locked out of your Presto account for up to ten minutes at a time.

Presto does have the advantage of being tied into Foxtel and by association Telstra, so if you're a Foxtel broadband subscriber or a Telstra broadband customer getting Presto through Telstra, you're not charged for the quota used that way. If you've got a Telstra T-Box then you can get six months of the service as a trial.

Presto could make a few changes and massively improve the service above and beyond its content offering, but with the premium-tier Foxtel brand to service, it's hard to see it being allowed to relax its rules. Until it does, however, the other streaming options are generally better value unless the HBO back catalogue particularly appeals to you.

And the winner is...

So how do you pick a "winner" out of the big three players?

I don't think you can just yet, although Netflix does have some technical advantages when it comes to playback devices and stream quality. The thing is that you're fairly free to decide for yourself, because all three offer 30-day service trials to new customers, and as such, you can do your own searches around your own tastes to determine whether a service suits both your watching desires and realistic broadband quality.

Equally, none of them work on any kind of long-term contract, so if you do watch everything you want on a given service, it's simple enough to drop a subscription and pick it up again later if the range of appealing titles improves.

Alex Kidman is a freelance technology writer; follow him on Twitter @alexkidman.