An Alternative View
If you're interested in the perspective of an experienced working musician on the entire file sharing issue, you should read this article by Janis Ian. It describes the benefits of file sharing for musicians (exposure) and a number of the current problems facing established recording artists.
And as an interesting side note: I'd now like to check out some songs by Janis Ian, but Audiogalaxy is gone. The other file sharing clients are unreliable on my slow connection, so that's that.