i believe it is illegal however distributing these virtual items is in many cases illegal as is. i view stealing as stealing but in online game situations you are essentially stealing from the owner of the game i guess.
This is dependent on who owns the product. A lot of online companies stipulate that all items within the game are actually THEIRS (RuneScape, WoW), thus making them against the rules to sell or buy. So for example, if you own a red partyhat in RuneScape, it's actually Jagex's property, and they are simply providing you a service by letting you use the account.
Using the logic, I could steal said partyhat from you and legally, you couldn't press charges as it was the property of Jagex, rather than you. Jagex could, turn around and press charges, but I can't see it being worth it.
Habbo Hotel on the other hand stipulates that the items are owned by the buyer, as they are most often than not, directly bought from the company. In this case, Sulake have worked with authorities to punish those who steal.
http://news.bbc.co.uk/1/hi/7094764.stm
Stealing is stealing. Taking something that does not belong to you. Being virtual or physical it does not matter. I'm a big believer in karma.
It would be a waste of time and money to send the police out looking for a 15 year old who phished your RS account. It's just silly, and it would be legally idiotic.
I think it would be more of a waste of time for a gaming company (Jagex, Blizzard, etc) to actually pursue and collaborate with authorities in order to reach arrests among those cyber thieves. The police on the other hand, are required to pursue an incident of crime no matter how insignificant or childish that offence may be. I would be cautioned if I were caught stealing a $10 bottle of vodka from a corner store, why shouldn't that bare minimum be enforced for those who steal virtual items that are worth significant amounts of money?
The reason why this isn't particularly enforced right now, is that majority of these online games legally own the items that are stolen, and there is no real gain for the company to search out an arrest for these offences. In the cases where these items are owned by the actual user (Again, Habbo Hotel for example) the user can seek out police investigation into any items stolen, and there is no reason why the police should shy away from these investigations.
Now, I'll admit, these cases are phenomenally hard to prove without the support of the company that runs the game in which the items were stolen from, so to have them collaborate with the police is a near must in these style of online games where the user actually owns the online items. Sulake (The owners of Habbo Hotel) actively works with police in these higher hacking/scam cases, which is a near requirement when the police are involved.

