I care not for beating this dead horse again..... but
To me it is simple. If I buy something, it is mine. Therefore I will rip the DRM from it with glee and read it on the device of my choosing. If something is not available (out of print for example), or I want an ebook of a book I already bought, I turn to the torrent. I do not wish to participate in the growing pains of the industry. When the dust settles (and it will) I wager it will all be a moot point. The entire entertainment industry is going through this, and in the end a new business model will emerge.