Pfft. Pirating Windows XP is the single most-done bit of piracy in the history of computing. Try pirating Ubuntu Linux. Now there's something I'd pay to see!
Unless you're the one cracking the protection, you're not doing anything in particular except depriving Microsoft or (insert company name here) of their meat and potatoes. Which isn't really cool. Even if Microsoft is a software giant and morally reprehensible in most possible ways, the people who work for it are not.
But anyway, yeah, I'll be getting an OEM copy when Win7 is released. If they're still around, I might be able to just pick up a COA of Home Premium from my old job on the cheap. It's sounding good to me so far, and if it's Vista Lite (or "Vista Done Right"), then I'll be glad to have it, since I'm not having any trouble with Vista as it is.