Well, not quite. As outlined in this Slate article, just because you sign on to the RIAA's amnesty program, you aren't necessarily protecting yourself from litigation, and may very well be setting yourself up for it. Basically, the RIAA says they won't release their amnesty list unless they are required by law to do so. In other words, a label that isn't a member of the RIAA could very well subpoena the RIAA for their list and then sue everyone on it.

In fact, this article implies that even RIAA members could sue people in the amnesty program. So a lawyer is suing the RIAA on behalf of all amnesty takers on the grounds that the amnesty offer constitutes false advertising.

I like Slate's suggestion for permanent amnesty: Have Congress pass a law that downloaders can pay for their downloads after the fact, or tax every Internet connection and split that money among the record companies, just like the tax on CD-Rs and DAT tapes. If I could, I'd gladly pay a buck or two for the songs in my collection, or a few bucks a month on top of my broadband bill.