I don't mind them doing this. Hell, it's their series, they should do this. But the amount of Pirated manga is ... a lot. Not to mention the sites that hold it. They'll never be able to fully get rid of pirated material, but they can minimize it.
My only problem is that it's going to take forever to catch up to the Naruto I was reading. The amount of time it takes to release the manga is ridiculously long. Plus, I don't want to pay $7-$10 for a book I can read in 30 mins. That's really part of the reason why I stopped collecting the manga and read online. Sometimes I just read the manga in B&N or Borders or whatever.
I really think they should offer manga online instead of in bookstores for a monthly fee. It's so much easier to create a digital copy of something than to make the physical copy, obviously. Because then you have to ship it to the store, and they sometimes don't even have the title you want. It depends on the store you live nearby too. Some stores don't even have a decent selection of it because they have such limited space. I wouldn't mind paying for it either, because then I know the author's getting paid right. The amount of work they put into it and not getting fully paid for it sickens me.