Well I'm a bit of both. There's just so much anime out there that it's financially not viable to buy everything in sight.
I bittorrent the shows that have been recommended by others, watch them and eagerly await the licenced version (typically a 1.5-2 year wait till its available in the UK) then buy it.
Case in point... 2007 was perhaps one of the better years and I've splurged out on Death Note, Gurren Lagann and Claymore.
If its an older show, I rent it out from
www.lovefilm.com
Either way, I'm supporting the industry :-)