This thread I feel is out of date, apart form the direct pressure from fines, jails terms and the like, the music companies are now starting to allow downloading free of charge, Spiralfrog in the states springs to mind here, why, because they are bundling ads on the site and also they get revinue from the supplier this way.
The likes of Yutube also undercuts the reason to download, I mean if the screen is always viewable on yutube why bother to fill the comp with buggy files, also if one really wants to catch flv files from yutube, nothing could be easier.
Also, what with almost everyone having some sort of mp3 player, or telephone flashcard, or computer, whenever one hears a track one likes, the first thing one does is just takes a copy directly.
My point with the above is not that ilegal p2p's will end but more likely that their use will deminish for the reason I have given here. What music companies must fear most is now happening: that people will directly swap stuff without the Internet.