I have a friend who got both Fellowship and Two Towers in this format, and he burned copies to CD and gave them out for like $10 apiece (which is about how much it cost him in time to make them, since each movie takes 4 CDs). Sure, it's a violation of the contract the original distributor made, but I'm fairly confident that anyone who gets the CD will also get the DVD when it comes out. If they released the DVD sooner, I know I wouldn't buy the pirated copy, but right now there's no way to watch it.
Pirating software is much worse. You actually are able to buy the software, but you're not. Tsk tsk. It's even worse that I have a friend who keeps pirating scanned pdfs of WotC books, because he claims WotC is an evil monopoly. But that way lies a large argument, so I'll just leave it at my opinion that though some things might be slightly overpriced--books, movies, CDs, games--most of the people on these boards live in very prosperous countries, and you can afford it. And if you're pirating DVDs that you can't afford to buy, why do you have a DVD player?
*sigh*
Just make sure you buy the DVD when it comes out, and sure, buy these with a clear conscience.