Crunchyroll is the anime(Japanese animation) version of Netflix. It's a subscription service which allows you to legally stream both new and old anime shows and films, either on a computer, mobile device, streaming stick (such as a Chromecast), or gaming system. Most shows are subtitled, with very few allowing the option for English dubs.

Although there is a free trial period and some episodes can be watched with a free membership, the premium version -- which allows full access to the entire catalogue of shows as well as their manga (Japanese comic) -- costs $6.95 per month. I find this to be extremely reasonable given the amount of content available and the amount that they are constantly adding (new anime seasons typically start every 12 weeks).

Crunchyroll probably has the largest library currently available, as they seem to get the most new licenses every year. They also have something called a simulcast, which means that when a new episode airs in Japan, it will be available to watch within an hour. This does mean that once in awhile you'll find a small typo in the subtitles,because sometimes they're working quickly to get them up, but overall they're usually flawless and really high quality. The picture and stream quality is also very good (I stream through a Playstation 3 console).

Considering how many illegal anime services are available online, I think it's great that a service like Crunchyroll exists and at such a great price. This helps support an already delicate industry, and I encourage every anime fan to please watch their favourite shows legally to ensure their longevity.