Yes. I agree. I think that should be changed to "may be deleted....". Rather less scary for novice users 
Perhaps instead of a "no copy" flag, the content providers have a "limited life copy" flag.Edited; I figured "WILL" be deleted within 3 days doesn't actually mean WILL be deleted but "could" be deleted. At least I hope not as I have only used 40% storage.
Just looked weird as I turned on and noticed lots of the symbols had changed in "my shows".
They'll be marked for deletion, but as long as there's space they will be kept around. I've got folders with 15 episodes in..My understanding is that old episodes of a Series Link WILL be deleted once you've reached the maximum number you chose (default 10; 25 or All also available) even if there's plenty of room left. When I selected "All" and "keep until I delete" it issued a dire warning of what would happen when the box filled up, not quite along the lines of 'it will explode and fill the living room with shrapnel' but not far off.