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Piracy is Good: The Moral Imperative of Sharing Knowledge
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I think the theft isn't in the bits themselves, but in the license to 'play' the bits (be it the mp3 or movie).
Creating content isn't trivial, and the creators deserve to be compensated for that. That is where the theft is - withholding compensation.
You cannot deny you're getting a free pass at someone else's expense, surely?
On the other side of the coin, however, it is also found that when artists don't seek to control the content too closely, the piracy often results in increased sales (this is a vague memory, I'm stretching out on a limb, here!). I think this is largely why YouTube generally has everyone's music on it (cos they're monetizing the plays via ads - deplorable, but better than theft).
Personally I think it's quite common for people to pirate an album to check it out and if they find it 'worth it', that's often covered into a sale. I don't think that translates at all with movies however...