On one hand, I don't want to get in trouble with the law or encourage breaking the law. The Bible says to obey the laws of our land as long as they don't go against God's law.
On the other hand, I think the copyright laws can get a little ridiculous. ("You uploaded a speedpaint video to youtube with our song playing?! You must die!") But the people who make music work hard to do so and it's part of their livelihood. Also, if I like their music, I want to support them and help to keep them in business.
If I make something, and I'm making money off it as part of my livelihood, I wouldn't want someone else to produce and distribute my work en-mass. It's just common sense. I personally wouldn't care if people made copies to give to their friends, though, and restricting that would be rather ridiculous. (It'd be completely ridiculous to restrict copying from the CD to the computer to an iPod. But last time I checked, the laws consider this fair use.)
Now there are all kinds of opinions on this issue, but it seems to me that at the very least the golden rule would apply here.