Will Netflix Kill the Internet?

... Unlike with power or water bills, there's no meter to keep gorgers in check ...

I think that statement is a fundamental misunderstanding of the difference between network bandwidth and other utilities.

No. If this ever becomes an issue, internet subscriptions will simply become metered. Flagged for absurdity.

How would this change taking into account the increasing amount of traffic going to the mobile data networks instead of the traditional telcos?

When have I heard this before? Yes, in 1999 when home broadband networks were getting rolled out.

And retail ISPs have spending money earmarked for network upgrades on other things.

From the technical point of view, as long as Netflix's machines are close to the ISP's switches (which is what the Level 3/Comcast spat is about), there will be no problem.