It didn't take long for Lovefilm to respond to yesterday's launch of Netflix in the UK. It now has an introductory streaming-only subscription price of £4.99 a month for Lovefilm Instant, undercutting its new competitor by a single British pound. Lovefilm has a selection of over 70,000 movies and TV shows for streaming on devices including the PS3, Xbox 360 and iPad, though so far the service has only offered SD content. The Lovefilm site hasn't yet updated with details of the new Instant plan, but we'll let you know if there's anything more to this.