As part of a fan-translation team (working on Ace Combat 3, by Namco) I don't pretend to have that nor a moral ground over anyone but surely it sets a good precedent and, for what it's worth, is a show of goodwill from those involved. I think a company would definitely act more quickly if they saw rampant piracy going on in such a project, that's one way to attract bad attention.
About responding to someone sharing a patched image, what I saw earlier today was someone offering to upload a patched image of an old release, the first time I have to actually deal with this situation. So it didnt happen, and even if it did, I still think I'll follow through with my team next release, which is right around the corner actually.
I guess it was bound to happen sometime, but it's nice to hear some thoughts on it nonetheless.