I'm doing everything I can to legitimately pay for the service. If it is "illegal" then it's absurd and just shows you how dumb the laws are regarding digital movies/music.
In the "pros" column, you're just violating netflix TOS so in the worst case they figure out you are lying about your country and delete your account. Sounds like a pretty safe (but expensive) way to pirate movies to me.
Netflix is ok with you travelling to another country and use their service from there, but they warn you that content will be different.
So switching DNS is kinda like travelling fast...
If Netflix and the content provider decides that I'm a horrible person and don't want my money, they can cancel my account, maybe I'll start considering torrent'ing then.