bansama: Naturally, the IP owner would win. It's their property after all. And someone offering up that property without their permission is going to lose.
BladderOfDoom: Still there have been at least a couple of recent copyright lawsuits I can think of that havent gone the way they thought it would. Abandonware sites arent making any money from it and they arent really 'stealing' anything. Just as long as the games genuinely arent for sale anymore then you cant even claim they are depriving the publisher/developer/whatever of sales or money either. Anyway seeing as as far as I know it hasnt happened yet then we wont know for sure. Although the IP owner winning is a distinct possibility I realise that.
Do you happen to have any concrete info on those abandonware sites winning the lawsuits?
The concept of abandonware being legal is the same as how a lot of sites for blatantly illegal materials think having those "If you are with the government or anyone who would sue us, you have to leave" splash pages. They just don't work.
The only reason Abandonware is so popular is that the people who would sue either aren't around, don't care, or are flattered. That is why games which EA have the rights to tend to get banned from abandonware sites, even if they aren't being sold.
Abandonware is legal in the sense that everything is "legal" until you get caught :p