Why deal with all the DRM if you can just use Steam, which basically replaces all of the DRM with its own system, which does not intrude more than a few cpu cycles (no performance impact) and has a breadth of benefits? I only pirate things these days when it's full of DRM and is not available on Steam or an equivalent medium. It's all about weighing the Pros and the Cons...
The important thing here is the relative expensiveness of games; Steam offers deals all of the time; I got Crysis: Warhead for $15 and Mass Effect for $10 - money well spent. Warhead is probably worth that $15, but I would have gladly paid $30 or $35 for Mass Effect. That's what it's worth to me. But here we have games like CoD: Modern Warfare 2, which is $60! They're trying to raise the default price to meet the console rate, even though just about everyone can agree that MW2's short storyline and limited multiplayer freedom is NOT worth $60. It's barely worth $40, at the most. People do not want to pay more than they think they should. Piracy would go down dramatically if the prices came down to a more consumer-friendly rate. We all know that won't happen unless Valve takes over the majority of the industry (virtually impossible task) or if we get extremely lucky, because the suits at EA and the other big title developers will not see the sense in lowering the prices of games that can barely pay for themselves as it stands.
I know almost none of us have pirated FreeSpace 2 since it was put on GOG for an extremely decent price. Many of us would have pirated it, or at least have given piracy serious consideration, if it was available for $50.