Next Generation P2P Blindsides Hollywood

The second generation peer-to-peer (P2P) file sharing programs, such as KaZaA, Morpheus and Gnutella based services, allow users not just to share audio files but videos and whole movies.
In fact, the day after Harry Potter was released in theatres, I could download the entire film and watch it on my notebook computer. Someone went into a theatre with a digital camera, set it up on a tripod and shot the entire movie. You can tell because 1) the audio quality is fuzzy because you can hear the ambient noise in the theatre and 2) you may see someone in front get up to get popcorn or go to the washroom!
So does the second generation P2P applications threaten to blindside Hollywood?