Yeah, the scary lawyer emails have started. If you're on a college campus, be particularly careful - recently, friends of mine at two different universities have gotten warning letters from Showtime and HBO. In one case, HBO contacted the school within 24 hours of the download. Generally, the school won't identify the student attached to the IP address to the lawyers, but they do pass on the warning and threaten to revoke campus network access if there's a repeat. So far all the warnings have been for downloading shows from premium channels - network stuff might be a little safer.
Colleges are easy targets both because so much illegal filesharing is concentrated there and because they usually have their own IP address domains. As its creator keeps reminding people, Bittorrent is absolutely not anonymous and really not the best choice for illicit file sharing.