I have written about protection of intellectual properties on several occasions (here, here, and here). Some of the comments on these posts also offer interesting insights. Intellectual property rights are murky and problematic.
Is it OK for you to make a copy of a DVD you have purchased for your own private use? I don’t care what the laws actually say, most people would say yes.
Is it OK to make a copy of a DVD your friend owns for your own personal use? It is my opinion (and that of the law) that this crosses the line. This is known as IP piracy.
In many countries there is a thriving industry in IP piracy. Now the U.S. Attorney General is saying that terrorist groups and syndicated crime groups are using IP piracy to fund their operations (see AP article).
People in Hollywood make movies and put them out for sale on DVD. Pirates burn copies and sell them cheaply with very low overhead. Not only are Hollywood movie makers ripped off, but the people buying the pirated movies are funding terror and organized crime. That’s much worse than copying your friend’s DVD or CD.