File Sharing/Peer to Peer

I wanted to know the general consensus on file sharing/swapping software such as KaZaa and the like. I have heard both ends of the spectrum. Still being in the stone age, I have dial up and don not have the patience to wait until a song is downloaded, so I have yet to use any of these music filesharing utilities…However, being in the field of network security I was wondering what he risks were and what common problems that people experiences were…???Some have said that KaZaa is virus laden, while others have yet to notice any problems whatsoever. Is utilizing Kazaa and the like like playing with fire??