I'm torn also, but I view the Arizona in a different light. The Arizona lies so close to the surface that there are still several structures that are exposed to air (barely). This allowed the Arizona Memorial to be built above her, allowing hundreds of thousands to come pay their respects to the ship and its brave crew every year. Personally, removing pieces and parts of a ship for the express purpose of souvenier hunting, to me, is looting a grave. Bringing pieces of a ship back up for historical research, display in a museum, or physically raising the entire ship again and restoring her as a floating museum is, to me, NOT an act of looting or sacrilege. This, as Sys pointed out, is a way to keep the memory of the ship and the crew that went to rest with her, alive. No matter what side she served on, the men served their countries bravely, and should not be forgotten. So I personally have no problems with finding and raising a ship....it simply depends on the motives behind it.
Besides....planes are found in the jungles and islands of the Pacific all the time, the pilots' remains returned to their respective countries for proper burial and recognition, and the planes (hopefully) restored as static displays. A sunken ship is, in essence, the same thing, but on a larger scale. I guess it all comes down to a judgement call on the part of each person/country.
Heh. Just scrolled back through older posts....forgot I'd already commented on this one. Man...I need a decent night's sleep....