Breaking the law is unethical because the benefits apply only to you. Copyright and truth in advertising law as it is today is not protecting consumers. Rather than being content circumventing the law those of us that understand the problem should work to fix it.
Bypassing DRM is against the TOS, but is not illegal in general, especially for things like personal use.
I would also like to point out that laws only work when they are enforceable. And a great way of getting rid of a law is for all of society to just break it, and encourage others to break it.
When everyone breaks a law, it becomes harder and harder to enforce, and is an effective measure of eliminating it. If not dejure, then at least by defacto.
Yeah, if they knew about it, which they won't unless you're distributing copies. I put laws ripping my own purchased discs for personal use (DMCA) in the "kiss my ass" category.
Buy it and rip it. Nothing they can do about that.