Hmm, well I wouldn't permaban people for using a known... built in setting, even if it gives an unfair advantage.
_edit_
To whoever downvoted me later - I would consider it a bug if it was user settable without cheats. Similarly you could see trough smokes in CS for a long time by changing some video settings. You don't (usually) ban people for bugs.
Ah, yeah sounds plausible then. I somehow don't buy the guard page/hw breakpoint explanations. This also lines up with "[information] that wasn't visible during normal gameplay".