I use torrents quite alot, although not as much as I used to. I buy CD’s occasionally, but only if its for something I cant find via torrents, or if its a particularly good album that I want to listen to in my car.
I think the best way of supporting bands is to go and watch them live, at least then you know that your money isnt going straight to the record companies.
I think the music industry will probably be better off without the record labels. I’d like to think the decent musicians will carry on making music because its what the have a passion for, regardless of the money.
Yes, people have to make a living, but a living doesnt involve owning a ferrari and a mansion. The people that create music purely to make money will probably dissappear but it doesnt matter really and it wont be a loss to anyone.