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.
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.