I wish that were the case, I'd spam pickpocket on every mob 'til I had carpal tunnel. There's a reason for the "Stop, thief!" message on NPCs when pickpocket fails — it's a heads-up to anyone nearby that you're attempting to pull from its loot table. It's really a brilliant mechanism by the original Devs if you think about it; if nothing else it probably promotes some spirited discussion amongst players
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I imagine there are rogues that mash PP on every mob and ease up only when the "thief!" message appears. Since I know I'm being fair to the group the message doesn't bother me at all.