I tend to think of intellectual property in the same way as books (and I love books).
I buy a book. The book itself (media) is mine. The story (intellectual property) belongs to the author.
Since the book (the media, that tangible thing I hold in my hand) is mine, I can mark it, bend it, rip it up, burn it, use it for target practice or whatever.
Because the story (the intellectual property) is not mine, I can't run off copies and share it or change the author's name to my own and sell it.
When it comes to loans, I can loan a buddy my book. And I'd better get it back in the same condition.
If my buddy decided to run copies, plagarize, etc., then s/he's in the wrong, not me.
If I needed a backup copy, I'd just buy another book.