Pretty much the general of everything stated here so far. Torrenting is just a means of transmitting information; what you transmit and whether you have the permission to do it are the core issue, but in that sense it is not any different than eg.: physical disc copying, or streaming.
Much as it can, in theory, be considered illegal to obtain such things as games via torrents, I do think it is the overall best way to obtain them that the market has to offer: it is safer, simpler, stabler, cheaper, more efficient and self-failproofed compared to most other means, even buying directly from the licensor. The disc comes with DRM or even viruses, as was the case with Sony, whereas the people who take the work to torrent up a game usually distribute it in an actually playable way that has been tested.
When it comes to stuff like Linux distros, or big data packets (for example, torrenting scientific data for simulations across universities), torrenting offers also a number of advantages over other means, though I think the most important one is, by far, that it promotes a culture of collaboration and communal welfare that our technological marketplace desperately needs to adopt again.