The general question is interesting... I think about it in the lines of:
Is it ok if I take a shortcut to get something that I am entitled to have access to because the rules by which my access is should abide by are basically bullshit?
I tend to think it is ok. I'm also indebted to Grace Hopper [1], who came up with the gem It's easier to ask for forgiveness than it is to get permission, a behavior that I often find useful. Also, I tend to give the highest level of access to people working under my supervision so they can do their jobs without any avoidable hassle. It's important to be consistent, after all.
But (there's always a but) some content creators don't have the same pragmatic thinking I pride myself in having, and will tell you convoluted stories like "we don't sell the music/video, we sell the physical disc with the thing inside, and you can only access such thing trough the disc". And sometimes these convoluted stories do stick. Except that when you have a network as the distribution channel they don't work anymore and become plain bizarre "we sell you only the nontransferable right of watching/listening to this only up to 3 times in the next 24 hours and will not refund you if our network goes down and you're unable to watch".
So, my answer to you, and to the general question is: IMHO, you're ethically in the clear, but legally your situation might raise some concerns. Obligatory disclaimer: this is not legal advice. I would love to see what other people think about all this, though.
[1] http://en.wikipedia.org/wiki/Grace_Hopper