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I think part of the problem with this case was the poor choice of lawyer. He had some professor that used the case to increase his own popularity instead of trying to get his client off the hook.
The individual found guilty was Joel Tenenbaum. He does not have the $600k that the verdict handed down. If the decision does not get overturned, he will just file bankruptcy. There has not been a lot of cases where the individual was sued for a huge amount like this. However we can see where this is going. The record labels want their money. And they are tired of file sharing sights "stealing" their profits.
So what are we to do? Should we stop downloading songs for free illegally? Normally I would say no. But you have to do a cost benefit analysis. If the legit song costs a buck, and you might get sued for $20k or $30k if you get caught, you might just want to pay that buck. Or you can do what I do. Just listen to the radio. No charge.