Exchange License very confusing

First of all I must raise the voice that Microsoft product prices especially for Exchange is very very confusing. Anyway come toward the point

Let say I purchase Exchange 2010 Standard license $699. And don't purchase any CAL license. And create 100 mailboxes account on exchange server. What would be the effect at exchange server end.

1. exchange will stop working ?
2. User will not able to access account using owa/mobile sync/outlook ?
3. Exchange will only show activation in Emc but will not effect anything ?