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Almost certainly illegal, but immoral ???
I have a few "aqquired" epubs of books that I own a physical paper copy of. I view this the same way I do my practice of buying a CD, ripping it to a file I then put on my ipod. (this is legal in some locations, but I believe it to be illegal in Australia)
On a related matter, I have just read that Penguin is suspending the availability of ebooks to libraries - have the publishers learnt nothing from the music industry ?
If people cannot do something legally, they may well do it illegally. Once they are in the habit of not paying for something, good luck in getting them to change
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