“Stealing music on the Internet is every bit as wrong as stealing goods from a store.”
“P2P technology enables millions of computer users around the world to find and trade digital files with each other. While P2P technology itself can be used for legitimate purposes, the predominant – indeed, almost exclusive – use of P2P networks has been to trade copyrighted music, movies, pictures and software. From a legal standpoint, this activity violates copyright holders’ exclusive rights to copy and distribute their works.”
– From campusdownloading.com, a website with some really helpful information on this topic, including an interesting frequently-asked questions (FAQ) section, and information for parents of college students.