Copyright kinda flips this around by saying that copying is (with some exceptions) the exclusive right of the rightsholder. I don't see how this is murky.
The "exceptions" part is pretty significant there. Copying that you do for your own personal use (e.g. format shifting) is especially likely to fall under the "Fair Use"/"Fair Dealing" provisions of copyright law. This was the basis of the Sony vs. Betamax case, which involved home videotaping for format shifting purposes.
