If you are asking this question, then probably no.
From practical point of view: if your interest in video entertainment is quite mainstream, then while being in US it's actually cheaper in all aspects to carry Netflix or other video rental subscription than download something protected by RIAA. If you have non-mainstream interest, then I'd think, the risk of being caught is lower, since chances are RIAA won't care about some obscure movies.
Statistically safe? Probably, it depends on the movie. Morally wrong? Yes. Harmful to the state of IP law in this country? Yes. If you're a developer who wants to get paid for what you do will I judge you as a hypocrite? Yes.
Maybe, but I have yet to hear a cogent argument that doesn't require the axiom that intellectual work has no value, either to society or intrinsically.
I don't think it is so much that the work has no value in their mind, but rather the whole system is held up by legal contortions, manipulation, abuse and corruption via purchased legal protection in the form of legislation. The cost of this victimization to both the artist and the consumer is then passed on to the consumer and only a fraction is shared with the artist.
To be clear people that argue for downloading non-purchased copyrighted work being morally right, are basically arguing that two wrongs make a right. I don't personally align with that view point. I do align with the view point that the work is protected by a system of victimization to both the artist and the consumer and that society as a whole would be better off without those leaches.
It seems to me that the onus to present an argument is on those who claim its immorality. Unless we assert that every action is immoral unless justified.
I would say it is certainly a legal concern to download movies via bittorrent. To avoid problems, I would suggest services that don't make you discoverable to 3rd parties, such as html downloads or even newsgroups or irc.
Data point: http://unitedtechguys.com/2011/06/10/50000-people-sued-for-d...
Anecdote: at least 1% of the people I went to college with were sent "piracy letters" by the school's ISP while attending school.
Edit: data point from Hn in the last hour: http://imgur.com/vsnmm