Penzon the torrent.
I find television shows are fairly dependable. I watch Dexter exclusively through torrents as I don't have Showtime in my cable package. Also, if my Tivo screws up (or I screw up forgetting to set something up) I grab the shows I missed through torrent.
Software grabs are a gamble. A lot of them are virus ridden, and a lot of others are cracked and don't have full functionality. I don't grab software from torrents. If its worth having, its worth buying.
Movie torrents are becoming more and more of a hassle. There is a relatively new copy protection that will allow you to watch the video for about 15 minutes and then the sound cuts off and all you get is video. More and more movies are using that copy protection. Its hard to tell when the video has it, so folks are uploading it all the time only to have it worthless to any consumers.
I have seen whole CD's in torrents but I haven't been grabbing them. iTunes has made it easy for me to buy just the songs I want and not the whole CD.
Bottom line, torrents are good for television shows but not much else.