Is that at all legal? Unless you mean films that have fallen into the public domain or that remain unlicensed in your nation or jurisdiction, I'm pretty sure this is unlawful. If there aren't laws on the books yet concerning a 3rd party service downloading or hosting pirated content on one's behalf yet, I would still consider this to be unethical behavior.
Does put.io intend to share the business tactics of MegaUpload? (ie. looking the other way concerning how many users will make use of the service?)
I don't mean to sound belligerent. I feel this is an angle that would be good to discuss.