Once we're at the point of having a fair marketplace for music, then we can have a meaningful discussion about perceived value in one piece vs. another. So long as it's all able to be stolen, it's all equally worthless, to that segment.
What's more fair than Tower Records and iTunes?
See, EVERY MARKET is actually a black market, but people would rather pay "big grocery store prices" for groceries rather than seek out cheaper, unregulated food. That's why there's no shady market for stealing food.
But when it comes to recorded music, people don't care about the poor quality of downloaded MP3s. They don't care about mislabeled files or garbled files. They don't care about the legal risks. They COULD buy their music in a "fair market" at Tower Records, but the market has spoken - they'd rather just go black market.
It is pure market economics at work. Good luck convincing people that 80 billion illegal downloads per year are a mistake. Good luck.
I'll be busy over here working on a different business model where I don't depend on profits from selling recordings...