Pirating, Yay or Nay? Discuss.

I often have this conversation with my friends and we never really come to any conclusion so I wanted to see what you guys think.

Personally, I'm not totally against it but I do object to the assorted indie company games being pirated because they usually are honest company who could honestly do with the £7ish. (But do Activision really need that £40 for COD? It's for you to decide.)