Truthfully speaking.. if AA would be spying etc. etc., I'm sure there would been already a media coverage over it.
Do not understimate the conspiracy theorists - they surely would do everything possible to find out everything about AA.
...but so far I haven't heard the whine.
Also I have hard time believing Punkbuster would do anything "illegitimate" on your computer, considering the circumstances it's development began in first place.
It'd be also a major setback for it's principles and several gaming communities, if someone would find out it's doing MORE than supposed to.
That legal stuff is just against those silly law suits by every 13yr ol' cheater and their mommas.
IMO those who are definately caught from cheating, should be punished by the law - after all in most cases they are breaking the end user license agreement and in wide spread cases harming the business, let alone the harm caused to honest players. (Read; many people who did not play HL because of wide spread cheating)
Unfortunately it is too much asked, considering the nature of 'crime' - would probably cost more to act against them....