That's funny. Even in your own statement, you change from "I would have paid" to "if I have to pay, I might." You simply cannot say someone would have bought something until they actually do so. Personally, I don't listen to much music but I do enjoy movies and television shows. I have purchased thousands of DVDs (HD-DVD's and Blu-rays, too) because I enjoy them. Currently, there are hundreds of others that I would buy but I haven't and may never actually purchase them. I'll only spend within my alloted budget so many things I would buy will never actually be purchased.
As far as your belief that low prices trump everything else, there are many successful luxury brands that prove this is not true. The iPhone and iPod are not the cheapest devices of their class but they seem to sell well. Many people pay to see movies on an IMAX screen when they could pay less and watch on a smaller screen.
One of the things I always find missing in these discussions, though, is the actual cost of piracy to those who participate in it. Setting issues of morality aside, I'd like to say that file sharing is rife with problems: downloads that never finish, bad quality files, files that aren't what they claim to be, etc. If you place any value on your time and available bandwidth, the cost of copying the file is often as high as simply buying it in the first place. The only reason people are willing to expend so much of their time in this endeavor is because they lack the funds to purchase the item in the first place. So it's unlikely that the studios are losing much money in any case. But then, maybe I place a higher value on inconvenience than most people, after all, I purchased a couple of Apple TVs and ripped all my DVDs to iTunes so that I wouldn't need to go look for the disc or be forced to watch those FBI warnings that purchasers of DVDs are not allowed to skip but those pirating movies are blissfully spared from watching.
I like the convenience of buying DVDs, so I do. However, I would like to mention that Netflix is providing a service almost identical to to what the file-sharers do: allowing you to watch any number of movies without paying money to the studios for the rights to do so. But it's perfectly legal for them to do so. In addition, my local library lets people borrow movies for free and it's perfectly legal, too. Maybe those who watched movies from those services would have bought the movie if the service wasn't available. Seriously, what's the difference?