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The analogy still holds true. Pirates also purchase one or more copies - someone normally buys it to either strip the DRM or scan it. If the work is good enough, some of the people will buy the book for their favorites shelf. Lots of book pirates have bookshelves that are pretty well stocked.
The only difference is the idea that libraries loan books which are taken back after a period of time. The impact of that difference, especially as libraries move to lending multiple copies of e-books, may not be substantial. Books are unique because for most people, once they read the book, they're archived or deleted and not used again. That fact makes the impact of "returning" a book after its read pretty negligible.
And that's where books differ from MP3's that will be played over and over.
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