I think allofmp3 does a remarkably good job of explaining the law and the debate. Sure it is slanted in its favor, but they do explain the controversy and make it clear that no promises are made about its legality in other countries. There are arguments that it is legal for personal use in the US, but the RIAA strongly disagrees with these arguments and the issue has not been definitvely been addressed by a US court.

I think in most countries you are safe. In the US, I'd be a little worried.