So the RIAA is saying that CD-ripping isn't fair use - even when it's CDs you bought yourself. This is actually old news in Canada - our version of the RIAA, the CRIA, has long maintained that CD-ripping is infringement, unless explicitly permitted. That is, iPod owners may be felons, if the RIAA and the CRIA get their way.
What's funny is that we would expect them to do anything else. Of course they don't want you getting MP3s from your CDs. What the music industry wants is for you to spend $2+ for each track if it's MP3s that you want. Never mind that the costs of distribution are essentially zero, and at $2 a track the costs are about the same as a CD. To the music companies, if you want MP3s you should by MP3s, and if you want CDs you should buy CDs. But if you buy the CD and rip it to MP3s, you're stealing.
This is why the logic of "lost revenue = theft" is so pernicious. We basically bought the argument that the music companies had the right to sue to protect their business model, and now this is what it gets us.