Sorry for the bump, but I never did get the chance to put my input in.
Personally I am not 100% sure how I feel about piracy. What I mean is, I morally see it as wrong, why? Because you are downloading a song, software, video, ect ect, that you didn't pay for. This doesn't make it theft since you are just taking a copy, but it's still something that was taken without proper exchange of currency or trade.
But at the same time I see little to no harm downloading something like an N64 rom or songs from singers who are long dead, because often times no one is gaining or losing anything from them since they lost their value when that system/artist/ect died.
And to branch this off more, I do see hacking you system as 100% ok, as long as you are doing it for the right reasons. Like say I hacked my xbox to play my backups. I'm not distributing them, I just ripping them to my hard drive so I don't damage the disks playing them. I see nothing wrong in that, you are copying the games you paid for to the system you paid for. And if you are just running homebrews, then you are supporting small devs who normally wouldn't get any attention. But if you just do it to play backed up games you pirated, I see a problem in that.
This is just my personal take on this subject. Quite honestly it doesn't mean I will claim I never pirated a current game before because that would be a lie, I've done it countless times in the past nor am I am going to preach to those who do because it's their life not mine.