If you don't renew you won't be able to download the latest version or get support on here.
You can continue using the software.
You can even hold off renewing until 1.2 (or 1.3, etc) are out and then renew if you want to download that version. A lot of people didn't renew and let their license lapse when there was all the court case drama but have then renewed now things are more certain to allow them to download the latest version.