It's not theft either. No more than it's rape, child abuse or jaywalking. That's not to say it's right nor that there isn't legislation against the different aspects, but the comparison with stealing is propoganda.
Ultimately the p2p stuff doesn't create content - they don't make films or albums - the biggest long-term problem for the record companies [and signed artists], publishers and distributors, is the people that can create content, if they see the internet as a good way to distribute high quality recordings themselves why would they bother with the record company / distrubutor? For example, valve and half life 2 et al.
So it's both partly illegal and wrong, but it isn't stealing?
What is it then?
Excellent point, but to say this justifies music sharing is a little like taking candy from a baby because you want to prevent obesity. Your intentions may be flawless, but the candy still belonged to the baby.