Google Play Movies & TV is a simple Android app which allows you to watch movies or TV shows you've purchased on Google Play.
Convenient "My Movies" and "My TV Shows" quickly point you in the direction of your content. If you've not purchased anything yet then clicking "Shop" will show you what's available, while the "On Device" option helps you view content you've downloaded earlier.
What you can't do, unfortunately, is store and access movies on an SD card, potentially a major issue when their files can be so large.
You can at least now download HD movies and shows in SD, however, so they'll arrive much faster and take up less space on your device.
* Stability improvements and bug fixes
Google Play Movies & TV provides a straightforward way to view your Google Play and local content, but it would benefit from the ability to access movies on SD cards.