Although it is illegal, I think that the IP laws in our systems can often be too restrictive. I've a buddy who just finished up law school, who kinda unofficially specialized in IP law, and he's the biggest Warezer I know. To a certain extent, IP laws are neccessary in order to encourage innovation. OTOH, the lack if information flows can often clamp down on innovation. I think that some happy medium should be found.
Personally, I have no problem ripping off CDs that I've owned before. I also have no problem taking individual songs from artists, either, as a sort of sampler. But I also know that I'm not the sort of person to slap down $20 to buy a CD for one song. I've actually gone out and bought CDs when I found myself downloading a few from that album.
I also think that after a certain time, this stuff should become public "property." And a lot sooner than 70 years later.
And, I think that MS uses uncompetitive business practices, and that downloading as a form of civil disobedience is morally ok, though I still think that the laws should be enforced, as I do with all forms of civil disobedience.
The laws as they stand are too restrictive, but I think that we still need some law.