there are ways to minimize the impact of PB with console commands like pb_sleep 500 etc. I will look around for a complete list b/c I agree that PB sucks ass and only human admins can catch hackers/cheaters. be pro-active and spec someone if you think they are cheating and report them to pb.
I know one of the lead PB programmers and will be seeing him in December.
I'll give him a good kick to the nuts for all of you. Or just kick his ass in COD4 (which is highly unlikely, I'm afraid).