Jim Lad, you replied to my comment with:

"What artist would ever object to one of his/her customers upgrading their album to CD?
There is absolutely nothing wrong with that. Other than that, I pretty well agree with you."

No doubt many artists would be relaxed about this - others wouldn't, and in particular I suspect their record labels wouldn't.

I see a difference between this and copying a CD you've bought onto another CD to listen to in the car, or onto an MP3 player. With the latter, the artist isn't losing out, because you wouldn't buy additional CDs or pay to download tracks (at least I wouldn't) if you couldn't copy them - it's just a matter of putting music you've paid for into a convenient format.

Where the artist has made a new release on CD, I think it's a different matter, and the artist is entitled to be pissed off if you copy the LP rather than pay to upgrade. Perhaps "unacceptable" was a bit strong - "morally dubious" at least. Of course, everyone does it (I don't claim to be a saint!) but I think we're on dodgy ground.