I will admit to pirating albums. Why?
Well, as an example, I really wanted the soundtrack to White Christmas (Danny Kaye, Bing Crosby, Rosemary Clooney White Christmas) but the one being sold at the time was incomplete and didn't have all the songs. Tragic! Luckily, i found the correct CD on Amazon's used CD department... for $72.43. I couldn't afford that, so I checked out a torrent search engine and the whole thing popped up; I had it about four hours later.
As for the rest of piracy, here's the rub. If I DVR tonight's episode of, say, Hell's Kitchen, or I watch it tomorrow on Hulu, what does it matter that I download it using a torrent? I understand that for feature films, it hurts the industry, or if CDs or Episodes are leaked it damages sales and the entertainers, but if it's free media, I don't see how it becomes problematic except that it effects ratings.
Beyond that, I think the nature of entertainment is shifting with the advent of internet and computing being so readily available... I'll be interested to see how it all pans out.