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You can not legislate morals, no matter how hard you try, it can not be done.
However if everyone behaved in an ethical, moral way we would not need 90% of the laws we have.
Further compounding the issue is the fact that electronic copies, and what is and what isn't ethical regarding them is still in the process of being worked out. This would be a much simpler question 10 or 20 years from now.
As to the argument of medium vs content. If they were truly selling the medium, all paperback books would cost the same. But we are not buying blank sheets bound into a book. What keeps us coming back for more is what is on the page, not the page itself.
If you have already paid for the book once I see no issue with changing it into a more different format. One that offers several unique advantages, including digital storage, space saving on bookshelves, etc. Yes, even if you bought it as a second hand book.
As for all of the other hoop jumping circus acts that people wrap themselves into about loaning an ebook. Consider this, word of mouth is still the most cost effective, and effective means of advertising. So every person you expose to a new author is potentially a new buyer of their books. Indeed, they may go on to tell 5, 10, 20 or more people about this great new author. Some of those people will indeed buy new books from that author. That benefit right there in most cases outweighs all other potential downsides.
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