After trying everything this is what I finally figured out. So simple, so elegant, so obvious. (So obvious that it took me almost three hours to even think of it.)
This is a fix that worked for me. I run Windows 7 32x. I believe this simple fix will solve the problem for most people with seemingly unreconcilable PB issues that run Windows Vista or newer and
BF2 1.5.
-Uninstall PB. You can do this either with pbsvc or manually.
-Right click on pbsvc.exe
-Select "Properties"
-Hit the "Compatibility" tab.
-Under Privilege Level, select "Run this program as an administrator."
-Hit Apply, and close the Properties window.
-Run pbsvc.exe.
-Start fraggin'
After trying literally EVERYTHING I could think of, reading countless posts and trying EVERYTHING I read but hadn't already thought of, this is what finally fixed the issue for me.
I am also running pnkbstra.exe, pnkbstrb.exe and pbsetup.exe with administrator privilege.
I hope this helps.
--B.Slider