Basically, torrenting is awesome, problem is, a lot of files are illegally uploaded using torrents... So?
A lot of files are illegally uploaded to FTP & HTTP file servers as well. I guess then we shouldn't download files, at all? lol
What's happening is that, whereas, with a file server, the MPAA / RIAA can go after the owner of the server, and tell them to get rid of the file or they will sue, and they can plainly see that the offending file is there (if it's not password protected and therefore encrypted, and if the name says exactly what the file is, anyways).
With torrents, the "server" is the users themselves. So, a lot of ISPs sometimes throttle torrent traffic to discourage it (your downloads are slow when there are 20,000 people with the file (seeders) and 4,000 people downloading the file (leechers), and you can't upload your own torrents when you create them) -- also, the MPAA / RIAA, well, I think they are a bit trigger happy (oh, well, what the heck, just send everyone a letter, we know they're all guilty!) AND I like to torrent files that I already legitimately own (e.g., an album already converted to high-quality .ogg or .mp3, when I own the album, instead of spending 40 mins and doing it myself, I'll download it in 5), which, to the MPAA/RIAA, would constitute proof of my 'guilt'.
As well, you can find things lost to time there sometimes (where are you going to find a replacement for your DOS 6.22 & Windows 3.11 disks when one of the floppies goes bad?) also you can find modified / more convenient versions of tools you already own & use (e.g., Office 2003 Lite, ~70MB IIRC, and fully functional, Micro / Mini Windows XP, Micro XP will run on an old P133 with like 32 MB RAM if you had to do it).