I find myself very undecided on this issue.
On one side, I feel music isn't something we should have to pay for song for song or even album by album. I agree with the arguement stating there should be a download site that is supported by ads, since we all know it can be done with certain other sites. (See: myspace, yahoo/google/hotmail, megaupload, etc.) Ads have proven time and time again that websites can be supported or even profit from ads alone.
However, stating that internet piracy has deprived artist is a completely different issue, since most artists don't suffer from it, in fact, I think it may be beneficial to some, as it spreads, giving the artist a potential fan.