This is actually a very good question.
I tend to side with the players, because even in the "real world", I try to cheer for the little guy, and not the massive corporations. However, the amount of money that is argued over is obscene. I don't agree that the owners should rake in all the money at the players' expense, however, contracts have gotten ridiculous over time too.
As a matter of principle, I am siding with the players, however, I do also realize that there are tons of problems on both sides of the fence. I may even be inclined for some sort of revenue-sharing type of thing like they have NFL and MLB, simply because it helps keep the league competitive. Look at the NFL this past season, there was so much parity. Part of the problem in the NBA now, is the gap between the haves and have-nots. This will be a huge issue after what happened in Miami this past year.
I guess all and all, I tend to side with the players, however, they've also gotten a bit ridiculous over the past years and pushed the envelope, and now are too greedy. I just hope as a fan, that they find some kind of middle ground that allows them to put a product on the floor, and strives for more fairness.