I think if this idea of equivalence between paid and pirated content is taken to it's logical extreme, the result will be less movies being produced. Maybe it's preferable to keep it as is today: piracy as an option for some and as a force against too much control from the content industry.
Why shouldn't the cost of entertainment naturally drop as more high-quality content is produced? And if that's the case, aren't big-budget productions already living on borrowed time? To explain, entertainment is fungible, and today we have an embarrassment of entertaining riches: books, hangouts, news, board games, video games, music, TV, social web, sporting events, etc. Almost all of these things can be distribute…
That's only because the home video market allowed people the luxury to legally watch any existing movie anytime they want, once they have purchased it, without the possibility of the studio revoking permission.
Don't worry - studios are already trying to think of ways to "fix" that (stream-only content that is never released in DVD format is one example)