I approve of certain types of hunting, namely:
Fishing where fish are caught and released, the actual harm done by sensible fishermen is usually minimal to the fish's well being.
Trapless sport hunting, as in not using traps and instead shooting to kill. Carcass must be used up as much as possible, i.e sell as many parts of the body as possible, finding uses for the remainder to reduce waste. I also feel sport and pest control hunting of any kind (ie, hunting for reasons other then food requirements) should be licenced, regardless of animal, so that populations can be managed and protected from over hunting. Biggest risk to most animals is over hunting due to lack of legal control, there are exceptions where poaching is lucrative if you get away with it. Even in the case of massive rabbit populations, it shouldn't be 'free game' till a low population becomes a problem.
Natural hunting, where animals are hunted for genuine food requirements of (such as indigenous peoples hunting boar in the Amazon, or outdoor survival situations)
Licenced large scale hunting for food trade, such as with fish or wild deer in some countries, again this should be licenced and legally controlled to manage populations. Fishermen have no problems with stock management, they want fish around for future generations otherwise how will they and their sons/grandsons make money in years to come?
I do not believe, under any circumstances, in the following hunting:
Trophy hunting: Killing an animal simply to take a photo, maybe take the head to mount on wall, and leave body to rot in the wild. 'Wastefull' hunting also falls under this where a small part of the carcass is used and the rest wasted/disposed. Whale hunting for scientific purposes in some situations, where a few organs are taken and the rest of the body is simply discarded, is a prime example of this kind of wastefull hunting.
Trap sport hunting: By this, I mean people 'sport hunting' and using traps to catch an animal rather then primary tool (gun/rod etc). There's little skill involved in this compared to shooting/spearing/catching with rod, with exception to ingenious traps using natural reasources by indeginous peoples. Trap hunting for food is fine, so long as it is either 'natural hunting' for your own, or your close community's food requirements, or the practice is legal and ethical in licenced hunting.
Illegal/Unlicensed hunting forms: Anything involving outlawed hunting practices, poaching or unlicensed hunting (As said, I think all hunting outside of indeginous food gathering should be licenced)