[Xaccers]

Copyright infringement: yes
Theft: mumble mumble grey area mumble

I know it is probably just a case of symantics, but personally I don't feel it is theft.
If someone goes into PC World and runs off with a copy of Photoshop that's theft. Not because they've got someting physical in their grubby little mitts, but because it was something which had they not stolen, would have been bought by someone who could afford it.

However, if someone gets hold of a copy through warez because they cannot afford to buy it (there's a difference between cannot afford and cannot be bother to buy) then adobe would never make any money from them, so they have not reduced adobe's profits. They have broken the law because of copyright infringement, but they haven't stolen.

If you photo copy a page from a book, have you stolen that page? No, but you may have commited copyright infringement.