I don't see why it should be okay to do something just because you aren't making money off of it yourself.
If you go to see a movie in theatres, what on earth gives you the right to record that movie yourself? If you want to see it again, yeah, you'd already have a copy for yourself to watch but that's stealing money. Why? Because if you didn't have that copy, you would have to go back to the theatre and pay your admission to watch it again OR you would wait for the DVD to come out and buy it then. (Or rent it, whatever floats your boat.) You may not make any money off of this but you're still viewing something that you should have paid for. If you view a movie in a theatre, look at your ticket. You paid for that showing and nothing else.
Same goes for music you download. Just because you aren't charging people to listen to the songs you illegally acquire doesn't make it any less illegal. You're still getting and listening to music that you should have paid for, be it for the whole disc as a hard copy or for single songs on a legal program like iTunes.
Also, it's not right to make profits from something you legally own either, imo. That's why at the beginning of any movie you buy (even way back on VHS!) it tells you that the work cannot be redistributed or shown outside of private use. The text flashes pretty quickly and I've never needed to memorize it, but I believe that's the jist of it. If you do plan on showing a movie or TV show or something you bought, AND it's to a commercial audience, you need express permission. I feel that's right and only fair.
I definitely disagree with those points of yours, AdvancedK9. I do agree that people should have the right to back up something they already own, so long as they aren't distributing it, though. :/
Piracy is stealing no matter what light you try to cast it in. Sure, I feel guiltier downloading some things over others and that kind of double standard is terrible, but regardless of whether you're downloading one little song, an entire game or movie, or even a book... it's illegal.