I recommend opting for your first arguement. It delivers the most concrete of the two concepts, atleast from a legal standpoint. I would suggest expanding the idea, and you should have a great paper on P2P.
Arguement two does not address the legality of the situation, but only offers an opinion of the logic behind the RIAA lawsuit process. Accordingly, it is more subjective, thus not as concrete as your first arguement.
I highly recommend checking through the news archive for RIAA-related topics. There you should find many great legal arguements both for and against P2P technologies.
http://www.techimo.com/newsapp/index...0&sort=1&user=
Robert Richmond