It is important to use some sort of method to determine the end of MLF, testing, visual, tasting etc. what ever works for you. As cmason indicated, if you kill too soon, malic is left available for bacterial activity later in the cellar or in bottle if you don't filter. If you kill too late, there may or may not be issues depending on other winemaking factors. The surviving bacteria after consuming the malic will adapt to consume other things, usually citric acid is next and then on to residual sugars, even a "dry" wine has some residual sugars. The volatile acidity will rise and the wine will sometimes get a bit harsh depending on the level. In traditional winemaking you just let it go, rack and sulfite periodically, and the wine eventually becomes stable and harmonious after a couple of years in barrel. In modern mass market winemaking, it is typical to kill the bacteria after the malic has been consumed, so the wine can be pushed to the market quickly without the extra volatile acidity.