No you now get a warning with netflix saying xyz is logged in, where it then refuses to play the content, nothing more scary then that.
I wonder how many times you see that message before they shut down your account. :wink2:
Netflix do have a comprehensive TOS statement.
It would seem unlikely they would let breaches continue for ever.
Maybe I'm just too "honest", I'm happy to pay a reasonable fee for a good service. So I'm never likely to see "the message".