Hello from New Zealand.
As of a recent law change here, the account holder is the person fully responsable for all traffic on the connection.
My girlfriend's name is on the telco accout here and she would be fined a substantial amount of money and risk going to jail (eventually) if I or any of the other flatmates were to download from P2P.
I run a pfsense firewall / router and have blocked all P2P traffic, we all use downloadnow (multi access to rapidshare, hotfile, megashares etc...) which you cannot be fined for using and is much harder to track you unless you are already been monitored.
This may not be the case elseware, but I'd say it's not worth the risk.