In my experience, most USB ports have a hard current limit (greater than the 500mA specification) and cut the power to the port, or sometimes all ports on a device, when that limit is exceeded. If you do this on a Windows PC, you'll usually get a notification about a device malfunctioning, and then wonder why you can't type on the keyboard any more. In many cases, this can only be recovered from by hard power cycling the whole PC (suspend is not sufficient).
Very few (I've never encountered one) actually meter the current or implement the unit load limiting as specified by USB-IF, so whatever the limit is applies regardless of whether the device has negotiated. Personally, I'm not a fan of the way USB negotiates power, it should have been designed to always be a guaranteed x mA output current, though admittedly USB hubs do make this problem more difficult. As implemented, it prevents moderate power system-on-chip devices from complying to the USB specification, since these devices have to boot themselves up to negotiate the current required - a little tautological. So, it's good that the limit just appears to be a single hard limit - though of course you're on your own here if anything goes wrong.