1. It is legal to own software, unless you distribute it too. Torrent is a legal gray area, vere in Hungary, there is no law against it, and no one was convicted for it. Ever. Afaik it is the same in the USA, but I'm not sure, anyways, it is the same in several countries.
2. It is especially surprising, how some of you are so ignorant, that you basically say "PIRACY IS WRONGWRONGWRONGWRONG! ICANTHEARYOU!!! WROGWRONGWRONGWRONG!!!
There are many pirates who try to reason it, and they deserve at least the arguement of their opinion getting banned.
3. The most common reasons are:
"I wouldn't want to buy it anyways, so I'm not hurting the industry"
"I couldn't buy certain games at my location, so I just download them."
"I'm poor, so my other option is to quit gaming altogether, without helping the industry"
"I don't believe in the moral right to "copyright" things, art should be free"
4. Just some interesting:
Here, in Hungary, everyone I know does it. It is perfectly normal, and accepted. Until I learned English good enough to visit forums like this, I didn't even hear about the concept of piracy. It was perfectly natural that game CDs are copied from my friends when I need them, that as a little child I play Mario on PC, or that my little sister asks me to download the new Sims.
If I would show up with original games, my friends would laugh at me for paying for something that is free anyways. Most of them believes it is common sense that PS3 fails in the sales because there are no proper (pirated) games for it, assuming that really EVERYONE is pirating stuff over there, too. I'm not making this up.