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I have no ethical problem in stripping the DRM from my Mobipocket books, so that I can read them on my Sony Reader. I would imagine that the companies concerned would not attempt to sue me over such personal use as the publicity generated would almost certainly do them much more harm than good - and ultimately they'd just be stopping me from buying books and/or reading them.
I can understand why companies feel the need for DRM, and I acknowledge that if the tools to remove it were more widespread then there would also be more widespread copying of the books. However I wish there were some kind of co-operation at the publisher level so that someone who buys a book in one format can get a license to the same book in others. That's not going to work at a practical level in most cases though - too many people trying to make money from being a middle-man.
There is also an element, however, of companies trying to lock consumers in to a particular hard product rather than just protect themselves from copyright theft - and I think that's more ethically dubious than a consumer stripping DRM for their own use.
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