Not really. In this sentence both mean the same thing. It's just that the verb 'conocer' is more used in Mexico and 'saber' in Spain (I think), but either are correct anywhere.
Saber and conocer mean the same most of the time, but either have others meanings. Saber could mean having knowledge but it also means having flavor a food or drink. Conocer also means to have had contact or information about a person or place.
Perhaps a more accurate portrayal of the sentiment would be "I am well familiar with Miami." Note: I don't mean that your translation isn't correct, I'm just clarifying for translational intent.
To say "Yo sé bien Miama," literally "I know Miama well" isn't used because the distinction in Spanish is that saber translates the sentiment of the knowing of fact whereas conocer conveys that you have knowledge of a subject, that you are familiar with it, or acquainted with an individual.
For "They are familiar with the consequences", Google translator gives ""Están familiarizados con las consecuencias." A very different choice of words. So, no, I don't think "They are familiar with the consequences" would be an appropriate translation even though the thoughts expressed are similar.
Trust me, you don't want to be quoting Google Translate as justification.
Conocer can translate to familiar. Often, it's more natural to do so. If you were to say "Conozco literatura española," in English, you generally wouldn't say I know Spanish Literature. You might say that you are familiar with Spanish Literature. The difference in Spanish between saber and conocer is that saber relates to facts while conocer relates to familiarity with a subject, idea, or person.
So what MeadowlarkJ said is perfectly correct, and well said. However it doesn't explain why the sentence uses conocer but isn't talking about people or places. I also had this question, so here's the answer I received: for the same reason conocer means you know someone/place because you've met them or have been there and saber means you know OF the person/place, you can actually use EITHER word for this sentence to mean the same. Example: They know the consequences because they have experienced them, or else really understand the consequences on a personal level (conocer version); OR: They know OF the consequences, but maybe haven't experienced them or really internalized the meaning. (saber version). Hope that helps!
Conocer--you know a person because you have met tthem, or you know a place because you have been there.
Saber--You know a person or a place in the sense that you know about them. You have read about them or someone has told you about them.
I know a lot about President Obama, but I don't know him. No lo conozco.
grace, hola. In English, we use the simple present tense "They know" in sentences like this. If you said "They are knowing the consequences," people would likely understand what you meant, but you would sound foreign. :-) To use "are" plus an "-ing" form of the verb would mean something is continuous in its action, for example: "We are learning Spanish." Hope that helps.