CNAMEs and Domain Limit

How do the new licensing structure work with regards to domain limits in the smaller levels?

For example, let's say the 5 domain license.

If the server hosts 5 accounts, each with its own domains but each domain also having, say, 3 domain aliases. So, 15 domains but really just redirecting to 5.

What happens when accessing any of those aliases, will it work? Will it return an HTTP error?