I agree. Personally, the man seems like an ass of the highest caliber but I don't feel the service he provided warranted a raid. A great example of misuse of power and questionable priorities.
His personality might be a bit "problematic", but eccentric entrepreneurs have always been around, from Howard Hughes to Larry Ellison in his best better days.
That being said, I don't have any problem with the services that megaupload is providing even if it tremendously anger copyright holders.