I just found this post on another website.. confirms my thoughts.

"My problem with this game is the Punkbuster.

I don't like cheaters but I don't like my privacy being invaded even more. Read their new PBEULA.txt. They can look anywhere in your PC and send back to their servers anything they want. This time they simply have gone too far with this. There are lots of private things stored on my PC: addresses, back accounts, credit card numbers, phone numbers and bunch of other stuff. Well they cover their asses with EULA and then do whatever they want. Would you like to come in into my house and go through my things saying "We are allowed to do so because you bought a game that uses PB and you agreed to the EULA and after all if you are an honest guy then you have nothing to hide?" I'm sorry the answer is "No, you can not!" This is the worst case of invasion of privacy and abuse of power I have ever seen or heard of.

I also don't like them running their services 24/7 and wasting my system recourses. They don't feel like informing you about it so they just install their program, set it to run automatically every time you start your PC and then you're sitting there and wondering how come I spent all this money for this top of the line PC but it runs so slow. Often the answer is people like those behind the PB installing bunch of crap on your PC without informing you about it and then running it all the time. Nowadays there are so many of these type of insolent fellows on the internet that often more than a half of your system resources are being used by their spying programs and you don't even know about it.

On top of that their software is often flawed and can open your PC to anybody on the internet. Do you think they take responsibility for that? Nope, their software is optional so it's your own problem if your PC is being opened to the whole wide world because of them. They can patch it later but they do not guarantee anything.

PB can also ban you from the game and they don't have to give you any kind of explanation they can just do so and there's nothing you can do about it. I personally have never been banned by PB but some of my friends have been.

Even after uninstall QW:ET the PB remains on your system and runs every time you start your PC. Look in the services PnkBstrA.exe and PnkBstrB.exe they stay there and they start automatically. This is 24/7 spy ware that is going to reside on your PC sending anything they want back to them even if you uninstall all games that support PB."