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Well, first you are assuming that softtool like punkbuster intent is to stop game cheeting.
Most game servers could care less, other than they want the most players (and revenues) and that only happens is an honest game
If the intent was to lock out a player, Pb could write a hidden regestry key which would lock out 99% of players caught by Pb.
Or games could start requiring tpm,(http://en.wikipedia.org/wiki/Trusted_Platform_Module) which is as close to impossiable to spoof as you can get.
the registry key thing wouldnt work because its software based, even with my limited knowledge i'd just back up the registry 1st then after a ban reset it.
Honestly theres so much bad behaviour online due to anonymity, im sure good ppl these days wouldnt mind an option to lose it for the sake of trusted networking.