It's all very well saying that if the content is good people will go out and buy it anyway - but once you make it legal, mainstream hardware manufacturers will come along with P2P-enabled set-top boxes which will bring convenience to the mass market, and there will be no reason for anyone to go out and buy any content. It would destroy the content creators overnight, and then we'd get no quality content.
It would destroy the content industry not the content creators. Not that artists wouldn't be affected but it will not kill the arts. And, in any cases, if protecting IP rights involves any of DRM, communication monitoring, restrictions on technological development, taxes that go mainly to companies and a handful of top (already rich) artists then I'd rather see the whole entertainment industry die.
"The one charm of marriage is that it makes a life of deception a neccessity." - Oscar Wilde