Steven Fry (man of great noble intellect) did a speech (really it was a lecture or talk) on the subject of Copyright Piracy at the recent iTunes Festival in London.
His belief is that the dogged determination of big media industry groups like the RIAA to hunt down and prosecute to the fullest extent of the law people who share Copyrighted material for personal use, is misguided and against the human desire to share stories and ideas. I agree with him full heartedly, but CopyRight law is founded on the principal that the CopyRight holder is the only person with the right to authorise copying of the original material in full. And that a medium between allowing people to copy and not allowing people to copy will probably never be reached in legal terms or permitted by the industry.
Steven has put up an audio recording of it Here On His Website and I think it is worth a listen to as everything by him is.