Absolutely! Watching videos on say Youtube/Vimeo or a trusted site like the NY Times is a totally different thing to downloading a pirated video from something like a "torrent" site (which is how most pirated stuff gets shared). Typically with pirated content you never actually know what you are downloading so there's always an inherant risk there.
And I guess there is a distinction between downing a pirated blockbuster movie or porn as a file from some unknown source, versus watching a streaming video on a site like YouTube that supposedly checks it for safety first. (For the record, though, I BET that wasn't the case 2, 3, or 5 years ago...)