I personally think it's hilarious actually!
They where ordered to shut the servers down years ago, and they are still up.
I have actually followed the whole escapade, and have found humour in it over the years.
As for illegal downloading, too each his own. One can if they wish do, and one cannot if they wish not too, and it is up to the holders of intellectual properties to bring the people who downloaded illegally to justice if they so choose to attempt to.
In this I have no real opinions, whatever happens happens. It's not exactly moral to download something that someone has spend time and money into making for the point of a profit, so I wouldn't feel bad if the pirate bay got shut down and the people that use it get charged.
Jail time however I feel is over the top, and any excessive fines, I think up to 5x the price value of the pirated material is reasonable personally. None of this 10 000 fines and 2 years in jail bogus, IMO that sort of punishment is disproportionate to the crime.
"George Bush says he speaks to god every day, and christians love him for it. If George Bush said he spoke to god through his hair dryer, they would think he was mad. I fail to see how the addition of a hair dryer makes it any more absurd."