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I'm not sure I understand whether the OP means 'what is actually legal' or what 'I think is right and perhaps should be legal'.
In my country there's a distinction between so-called 'analog' and 'digital' media. An analog media would be, for example, a paper book or a vinyl record or a VHS tape.
Anything I buy and own, I can convert into what form I would like, provided I do it myself and it's for private, personal use, and I don't break any copy protection (except if it's the only way I can access the content).
Anything I borrow, I can only copy from analog to analog - such as using a copier to make a paper copy of a library book, but I can't rip a CD I borrow. I belive the reasoning behind this distinction is that analog copying typically involves data loss, while digital copying does not.
This law does not really deal with books - it's from the time when there was all that controversy about mp3 and music sharing. Copying of p-books require much more work. So as for own thoughts, I don't feel bad about the scans I have made of old, out of print, aquarium books I borrowed at the library. I think it's the only way I can be resonably certain I have access to them in 10 years time. I can't even buy them used.
@ZacWolf - does this answer any of your questions/thoughts?
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