Who's losing out?
"Tell that to the dealer who's down one car.
Who exactly has lost what when someone pirates a game?
I'm not condoning piracy, but copyright infringement is NOT the same as theft."
Well, the developing company has lost one sale (and yes I know piracy doesn't neccessarily translate straight into lost sales, but let's say for the sake of argument with a game like MW2 it would do), which means the developers who worked on the game may lose bonuses, future payments or even work.
The paying customer, meanwhile, has lost the trust from the developer. Because now we're treated to ever stricter levels of DRM and moralising adverts - none of which work, and all of which do nothing except to annoy paying customers.
There is no justification for piracy. Don't agree with copyright law? Don't agree with DRM? Don't agree with EULAs? Fine. Don't use the product. But don't pretend that not agreeing with it still entitles you to use the product, just not to pay for it.