Legaly its illegal.
But what you have to do is look at it from another perspective, the bands and the howl industry is gaining from this, how often has it been that some friend recomends some band you have never heard of and then you go on the internet and get few songs with that band and you like it, then you buy the cd?
The music industry should also be looked at, according to a article the chick in Hole wrote, the industry gets about $10 and the artist $2 from each cd sold at $12, not sure cant remember. It was like it that the artist didnt get anything and the artists had to pay for the bill of recording each song, they also pay for the cost of making videos, that is the record companies loan the bands money to make them, and then the bands have to pay it back.