Last night, I decided to try to start catching up on my Naruto (which is flippin' awesome now that they're back on track BTW). I streamed it onto my wii off a site called www.crunchyroll.com . You have to sign up but the quality of some of the video if you use the "larger video" option is pretty damn close to the quality of a video you'd download in divx or something.
I got 6 eps of Naruto Shippuuden in. They're totally up to date with last week's episode already up.
I actually have been using this so much that I donated money to them so I could watch Code Geass with high quality. So worth it.
There's another site I found while not quite as reliable is still pretty good if you want to watch some licensed stuff at noon hour at work or whatever. All the stuff is hosted elsewhere (like allsp.com does) but it's good enough for breaks and stuff.
Toei animation just teamed with Crunchyroll to start rocking a few of their older titles here. Most notably Slam Dunk and Fist of the North Star. Professionally subbed, super high .264 quality for free. (I know watching DMC on the PS3 looked as good as any divx I ever downloaded)
I should rewatch Fist of the North Star, I haven't seen it in 13.5 years. I remember it being one of the first animes I declared to be "horrible". ;D
Slam Dunk (or Scram Dunk as the Genshiken call it) always seemed interesting but seemed like a big commitment. I might give it a go as well, they're only putting out one ever so often though.