There's a third way here ... and that is to buy the content, keep your proof of purchase, and then download/rip/torrent the content in the manner that works best for you.
Your license to the content, when you buy it, is tied to the medium you bought it on. You can buy the Blu-ray, watch the Blu-ray, but that doesn't give you a license to watch a downloaded copy.
True, but it does, at the very least, clear one's conscience a bit about downloading. I want to support the things I like. However, I hate many of the forms that they come on, and/or the venues in which they are presented.
For instance, I loathe my local theaters, but I love movies. I'll buy a ticket to the theater online, and then just pirate a copy of the movie so I can watch it in the comfort of my own home. Is it legal? Nay, but it does allow me to still support the content creators I like without having to deal with all the crap (unrelated to the core content) that I'd have to wade through otherwise.
That's the worst you can do, because you are still breaking the law, while at the same time voting with your wallet for something that hurts you.
Either pay for it and use it as is, or don't.
If you don't like DRM than you must realize that the only way they'll backtrack on it is if their bottom line is seriously injured. If you have no problem with DRM and the status quo, than the pirating you mention doesn't make sense.
Also, if you want to reward content authors, reward them in cases where the distribution suits your needs. E.g. I never buy movies in digital format, but I go to the movie theaters like once every 2 weeks (I'm the opposite of you, going out for movies is something I like, but my local movie theaters are making an effort in pleasing their customers). I don't buy music, but I go to concerts. I only buy ebooks without DRM, etc...
Remember that these same companies are actively lobbying for oppressive laws behind closed doors, actively inserting malware into their installers, actively disabling and deleting content users still legitimately have a right to access, illegally invading sovereign nations (New Zealand / megaupload), actively working against artists (Hollywood Accounting), actively terrorizing 9-year-old girls, to name a few.
I don't pirate. However, "take the moral high road" is not a valid argument here. If you were telling the artists to "boycott the corrupt labels and take the moral high road," maybe you'd have some weight. For the fans, stick to the "what gives me the most bang for my buck."