"It's between consenting adults" works well as a legal argument, and I'm pleasantly surprised to see at least some posters restraining themselves to using it as one, but as a moral argument it's too presuppositional of a generally libertarian and individualistic moral framework to convince anybody who doesn't share those presuppositions.
I'm far from a libertarian, whether from a political or from a moral standpoint, but when it comes to the issue of premarital sex I still have trouble finding it immoral for this reason.
Immoral is a strong word. For someone who is not a Christian (or Muslim, or Orthodox and Orthoprax Jew - but I think Jews would overall be less likely to emphasize the immoral aspect of it-), consent just seems the most logical basis on which you can judge the morality of it.
Yeah, I mean, coming from a totally non-religious perspective, I don't understand how something could possibly be immoral if it has absolutely no negative impact on anyone or thing - as far as I am concerned, something is moral or not depending on the impact that it has; things aren't inherently moral or not by themselves.
If two people consent to pre-marital sex, even if it totally devoid of any emotional connection, it doesn't actually have any impact on anyone outside the couple, so I don't see what rationale there could be for it being immoral.
More than anything, the more partners you accumulate in your life (no double standards here, it's valid for both sexes), the harder it becomes to form the type of bond and committment that is needed in order to make a marriage work, and I really think that's one of the big reasons relationships (including marriage) generally don't survive long term these days.