Personally, I feel OK about copying a CD if it's for personal use....   On my computer, IPOD, or even on a cassette tape/mini disc although the latter would be uncommon these days.

It wouldn't be right to pass these copies or the original on to someone else although they would be welcome to listen if I was present(not a public performance situation, of course).

One interesting thought..... Many CDs and vinyl albums are now sold with additional free downloads. So, it is possible to legally have more than one copy of the music for your own use I'd assume?