I believe the difference between now and then is just a matter of scale.
Before someone could lent his book to several friends and even sell it. Now he can share it with dozens and hundreds, even people he doesn't know about. Although consider that a book lent by a friend is more likely to be read, than just a download in the middle of a 100 in a torrent. I believe most pirates download just because they can, not reading 1% of what they download.
On the other hand, a writer can reach MUCH more people, easily and with less middlemen. Get more exposure, having a much wider profit margin.
Again, on the other hand, more and more authors try their luck. There's no market for millions of writers. And with forums, blogs and lack of proper marketing from most inexperient authors, the good are easily separated from the mediocre or bad.
That all just to say that the more potential, the more risks as well. Those who only worry about the risks won't explore as well the potential, the possibilities, sealing their own coffin. And then blame the pirates.
I truly believe that people will do the right thing, if they think it's good and fair enough. We live in times where everyone is trying to take advantage of the other. Where big compnies see the consumers as cattle, and just liek any cattle, it's meant to be controled and optimally explored.
The problem is that we're not cattle. We can't be controled. But you can court us, convince us
