I would have to agree that the punishment needs to be altered to fit the crime, but I think your estimate is way off. A song costs about a dollar, and a movie costs about 5. So for 10000 pirated songs it should be $10,000.00, and for 10000 pirated movies (who pirates that many movies or songs anyways?) it should be $50,000.00.
This way the companies get the actual price of what was stolen, the pirate pays for exactly what has been downloaded, plus a cent or two per song or movie for the effort the company and court had to go through to catch the thief.
I may be against what big corporations are doing to the average person, but I also think that people screwing the corporations is wrong as well, just not on the same level.