Let me just say, the people running Megaupload, should they be guilty of the money racketeering/ laundering charges, deserve to go to jail for that. I do not put it past the government to trump up charges just to get these guys in handcuffs, so I'm NOT saying they are guilty, but if they are, those are serious crimes. Megaupload however does NOT deserve to be taken down, it is a website, it is not "guilty" of a crime. Even if there are illegal files hosted there, there are also legit files there hosted by legit people. This is the internet version of the police finding out there's stolen property in an apartment and burning the ENTIRE building down. This is not Judge Dredd, they are not THE LAW. You find your suspects, you take them to court, they are only guilty when proven so. Due process in itself is going to be gone soon, even though that's been slowly dying since the Patriot Act.
I'm really baffled as to who the Feds think they are anymore. They are literally taking people's internet property with a move like this. They should be lucky they're just getting script kiddie DDoS and limp wristed protesting, because at this rate it won't be too much longer until they stir up too many people and it's pipe bombs and sniper fire instead. There's always a few loose cannons in any organized protest, the bigger the protest, the more there are. All it takes is one.
They need to leave the MPAA/RIAA websites alone though, their sites themselves are the best examples of what tools they are. One of the top tabs in the MPAA landing page is dedicated entirely to Chris Dodd which promises access to his latest speeches, biography, and a "high resolution photograph of Senator Dodd." (Protip bro, you don't get to keep calling yourself Senator when you are NOT a Senator any longer.) Does ANYONE really want a high res photo of Chris Dodd? That kind of narcissism is reminiscent of Hitler.