I think that making fun of the people who legitimately think that the system of copyright laws is "broken" doesn't help the debate. I will stipulate that copyright infringement of new releases is both wrong and illegal (obviously the former is a matter of opinion, the latter a matter of law). Given that 60+ million Americans engage in music infringement (I'd say that the number who have every DLed a copyrighted file runs into 70-80% of computer users, but that's just a guess), I think that this cannot be dismissed as merely a bunch of folks who just want something for nothing.
My issue is with the corruption of the original intent of the Founders in the Constitution; copyright was seen as a grant of a temporary monopoly by the state to a producer of intellectual content to ensure that said producer of content could benefit from it (thus encouraging more production) before the results of said "intellectual property" were returned to the society via the public domain. IIRC, the original term of copyright was 14 years.
Fastforward to today, where copyright is essentially a two-lifetime term (life +70, or inception +90 for a corporate-produced material). Folks are paying royalties on "happy birthday"; and if Disney and the other content industries keep getting their way, then movies will NEVER go into the public domain. The nature of the industry spawned by these changes is such that most copyrights end up the property of corporations, who would rather lock up their content for 100 years on the off chance of making a nickel off it someday than return it to the commons where others can benefit from it.
If you haven't guessed, I have nothing but contempt for current copyright laws. I think that the current copyright regime is actually hostile to the creation of dynamic creative content and is rather the best regulation that money can buy from industries that are trying to hold onto an outdated production and distribution schema. I do believe that authors/composers/filmmakers should be compensated for their efforts. But I don't think that creating something entitles you to a century plus of "owning" that idea. After all, most of what we create anyway builds off of the ideas and labors of others. If it were up to me, I'd return copyright to its original 14 year term (okay, maybe a single 14 year extension, but you have to actively file for it and pay a small fee). And you know what? I'd bet dollars to donuts that this single action would cut down on 2/3rds of current piracy, as there would be a HUGE body of public work... music, movies, books, etc. that people could enjoy and benefit from. I know the counterargument is that we do have such things (from the 19th century!) now; I do enjoy Project Gutenberg materials and public domain classical recordings, but I think that most such materials are inaccessible (in a cultural rather than physical sense) to folks of today's generation. Not so for music from the 1960s-1990s, for example.
Nor do I think that a 14 year term will serve as a disincentive for the producers of intellectual creative property. Studies (sorry, no links, someone can correct me if they have hard data) have shown that something like 95% of the income derived from intellectual content comes from the first decade of sales, on average. Of course, the content industries will fight for every last damned nickel.
In any case, I think it's moot. Digital content and high-speed internet is here, it isn't going away, and no matter how many people the RIAA and MPAA sue, the old modes are in their death throes.