Those of you blasting Punkbuster for this here is the deal:
Punkbuster checks MD5 hashes (look it up) in memory against known hashes of known hacks. The hack that is running rampant right now dynamically creates an MD5. Punkbuster uses a static database of MD5 hashes to check against. It can't really dynamically figure out what the hacks current MD5 hash is.
From my understanding Punkbuster has basically told EA/Dice "listen, we check hashes. It's what we do. There's not much we can do against dynamic MD5 hash creation." From that I don't really see a solution that will be provided by Punkbuster/Dice/EA to stop this (BTW, this has larger implications than for just the BF2 game).
Right now the only way to find people using this current hack (this same hack that allows commanders allows them to see enemies through walls, make the whole map wireframe, etc, etc) is the get a PB SS.
I hope 1.4 might provide a fix for this but I kinda doubt it will.