I am conflicted on this issue. As a songwriter, I don't like the idea of people stealing artist's intellectual property. However, I think the record industry has brought this on themselves with their evil, greed-based practices. I think I would feel better about these lawsuits if I thought the artists and songwriters would actually see a dime from them, but we know they won't.
On the other hand, I often hear file-sharers justify what they are doing using a similar argument: "the artists don't get any of that money anyway!" If this is truly why you are stealing music, then for every track you have stolen, you should send some money directly to the artists and the songwriters!
Links for further info:
Yahoo - AP: Recording Industry Targets Colleges
Digital Music News - RIAA Steps Up University Anti-Piracy Campaign
Hypebot - The RIAA Smack Down Of 15,000 College Students