I well aware of Courtney Love's article, I personally prefer the one by Janis Ian which was both earlier and more articulate.
The record execs are as dirty as can be. But for now it looks like any money flowing to the 'signed' artists will flow through them (and the various 'rights' organizations, BUMA, GEMA, RIAA etc).
Were I hypothetically to have illegally downloaded an album by a major label artist, my calculus would have been, "Well, the artist isn't actually going to see any royalties from this anyway, so the only party getting screwed by my torrenting it is the label," and felt no qualms about it.
Anyone going into the music biz as an artist since Courtney Love's Salon article (which has been on the HN front page at least three or four times since I've been here, but linked here [1] anyway) has had ample opportunity to realize the screwing they're signing up for when they John Hancock the label's contract. I can't muster up much pity for their getting shafted by the smooth-talking record exec they should've known was just going to shaft them anyway.
[1] http://www.salon.com/2000/06/14/love_7/