Personally I'm a big fan of the 'download if you can't get the game legitimately or refuse to buy for some reason' approach. If there's a cool game that you want to buy but can't get a hold of because it's an almost unheard of title? well then, you don't have much option. See: penumbra black plague. Never ever heard of it until I read about it here. (oh. Just checked steam and there it is! Future purchase when I have money for luxury goods)
Ubisoft though, they can go to hell. I don't care about their profits because they've got a long record of being dicks and are being bigger dicks lately. Even though their stated reason that they aren't going to rely on steam for their games is "LOL but they get cracked so fast, steam sucks!", they are just going to persevere with their new, intrusive scheme regardless of the fact that their got cracked just as fast. What publisher will be next to take the hint and apply a new level of inconvenience to gaming?
I tend to ask myself - if a corporation that produces games purely for the sake of money (like for example, Activision) and who don't care at all about putting real effort into creating something fun, do they actually deserve my support in remaining in existance? Companies who don't care about their product/consumer base die all the time and not even the super-capitalist-fanbois bat an eyelid, why suddenly do so when the (stated) reason for these companies losing business is that people don't want to buy their stuff? I'm sure that companies do lose some business to piracy, but nowhere near as much as they want to believe. Maybe it really is because their games are generally mindless shit.
Edit: I'm not saying I'm a regular downloader of shit though either, I'm under no illusion that I'm some moral guardian of the soul of gaming or anything. Too many people are totally polarized about this issue, being rampant 'pay the gaming company for every single piece of code!' or 'pirate everything! Information wanna be free!' types. I don't want to be lumped in with either, I'm just saying that I think 2/3rds of the piracy debate is hype/scapegoating and that I don't care about the remaining 1/3rd as 'the downfall of gaming' because that was well underway when all we had were CD checks and CD keys. Y'know, symptom and not a cause. The real cause of PC gaming turning dormant again is because of increased commercialization and profit-gouging by publishers (and a few dev studios) in it for the job/profit, not the product. I almost entirely play mods of the few games I've bought (Darthmod for empire total war lately), niche games with no frills but lots of meat (Hearts of Iron 3) or Indie games like dwarf fortress. The real mainstream games aren't even worth downloading anymore, being devoid of enjoyable content, too simplistic and are hollow-feeling. I'd probably want people to pay the Darthmod guys money were it not illegal however, since it feels like they put more effort into their modding than the original devs put into their game.