Perhaps, but I suspect that the contract that they enter into with you when the accept your money to perform the electronic filing, and forward your taxes to the IRS supercedes whatever suspicions of piracy they may have. In addition I would guess whatever agreement they have with the IRS prevents precludes them from "sabotaging" your taxes, as some here have suggested, and doing pretty much anything but forwarding them to the IRS.
I don't really see how the activation code scenario that they have gone to differs from the "registration code" scenario they used in the past. No one who filed their taxes using a duplicate "registration code" was prevented from filing electronically last year. So, presumably, Intuit processed millions of electronic filings where the registration code was identical for ALL of the customers.
Futhermore, the four electronic filings per copy was enforced by the software not the servers. So it was really more like 4 electroni filings per install. We'll see if this changes.