Lets assume that such a future never pans out. Lets assume that corporate companies never get around to taking action against individuals. Still, past online activities can also affect your job application. How? Well, certain companies research online including social networks about their potential employees. I've even heard of instances abroad where the company asks for the candidate's facebook password. But why would the company care if you downloaded Titanic? Maybe you are applying for a movie studio or maybe its an IT company and wants to see whether you respect copyright laws (which is vital for IT companies).
This may surprise you, but Indian IT companies have started looking into social networks like linkedIn for potential hires. I first read about this last month but then last week, I met a few people who came for an interview because the company had called them directly after seeing their linkedIn page.
None of this has an immediate impact on anyone's life today, but its worth being cautious about because we can never really predict the future.