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Misleading as always, each download does not equal a lost sale. But at the same time, that doesn't mean that if it were impossible to download, or significantly risky, that those 4.6 million PSP2 downloads wouldn't have accounted for at least 1 million more sales. Or maybe just 500,000 or maybe 2 million, we don't know. That's the problem with estimating the loses from piracy, there's really no way to tell with accuracy. 

Don't get me wrong, I still think piracy is bad and I don't like the justifications pirates come up with, but there's NO way that the industry missed out on 118 billion dollars from piracy.