Aside from bandwidth hogging, its killing independent music and movies, and its outright theft.
I agree with the theft/movie part, but I don't think it's killing independent music. I found this on an independent artist's site: (CRUDBUMP is the name of his band apparently)
Traditional record labels are too greedy and they're the ones killing independent music. A few torrents could help a band get a start in the industry. I think releasing music through online stores is the way forward. Not only does the artist get a better cut and pretty much
anyone can release their music without signing away their rights to it after years of struggle to get noticed, think of all the plastic, paper and chemicals saved by not manufacturing a CD and all the packaging, not to mention the cost of transporting it out to all the retailers and customers.
As far as I'm concerned, if someone offers me a legal movie download that is proportionately cheaper than the physical product given the lack of incurred manufacturing and shipping costs, I'm all for it.
The U.S. gov has always controlled the Internet. Wake up!
I lol'd. Like Red said, I can't wait until they try to shut down sites outside of the USA. Many companies have tried to get The Pirate Bay shut down, and the only significant result is the lulz on this page:
http://thepiratebay.org/legalAlthough UK politicians are all pussies that will probably allow the USA to dictate to them what should be done, so I wouldn't be surprised if a few sites here get shut down.