Simply put, I love Jeff Bezos. However, if he decides to buy Netflix, I will likely have my first "bad" thing to say about the guy. There's no sense in it. None.
Two, whether or not Bezos decides to "kick things into high gear" depends on if he thinks doing so would benefit Amazon's core businesses. While it would be fun to watch, he's not going to squash Netflix just for kicks or because he can. Everything Amazon does -- stream content, offer cloud services to consumers and the enterprise, build hardware -- gets done, in the first place, because it furthers Bezos's mission for his company.
It has nothing to do with competition against fellow giants such as Apple or Google. And it has nothing to do with a petty, but easy battle against a relative pimple such as Netflix. If it's good for Amazon, Bezos will kick the streaming wars into high gear. The move, if Bezos approves it, will benefit Amazon. In that scenario, Reed Hastings' company ends up little more than collateral damage.