The point of difference here though is that
(1) laws have been set aside many times when the net benefit for the common good outweighed the rights of the individual
(you can still disagree that that is a good thing though)
(2) such exemptions apply to libraries and other 'violators' that serve a different goal than piracy (for instance, preservation and access)
(3) in this case those that benefit the most are the original copyright holders
(4) there is a procedure in place to deal with those copyright holders that do not want their information out there
For the record, a fairly knowledgeable lawyer on copyright law in the netherlands here has reviewed the whole thing and think there is absolutely no problem defending my actions (just in case there would have been, I would have done whatever his advice would have been).
It's been up for a year, the one time someone threatened to sue (of course, some hotshot lawyer with a corporate page on geocities :) ), he backed off and became real nice once he realized that no judge was ever going to sign off on him suing for damages and whatnot without first asking politely to remove the stuff.
Laws are there to be respected. In exceptional cases - such as the going out of business of a repository of this size - you can break them if you go about it nicely and try to limit the damage as much as you can.
There are other people out there that have also made copies of all this data that have turned the whole thing in to an adsense fest complete with SEO spam tactics. That might be a better target for your anger.
Lastly, how much would you give for a copy of the library of Alexandria ?
I'm sure that geocities can not on average be compared with the quality of what was stored there but you'd be surprised by some of the stuff that I've found amongst the wreckage and we'd all be culturally poorer if it had gone to waste.