The PlanetSide 2 Forums announce that SOE is taking a zero tolerance policy towards client-side modifications for their MMORPG sequel (thanks RPS):

It is vital that you not run software which modifies the Planetside 2 client in any way. If you do this, you are indistinguishable from various hacks that work in the same manner. The result of this is that you will be banned from gameplay and lose your characters/items.

We cannot make exceptions to this. We do understand there are relatively harmless apps that fall in this category, but if we allowed those they would simply be used as a shield excuse by players trying to cheat. This same rule applies to data that Planetside 2 uses for gameplay. Do not modify any of these files or attempt to modify them in memory.

There are some applications that modify the windows or directx environment without changing the client. These may also result in suspensions unless we specifically exempt them and declare them ok to use.

The most simple guidance here is do not use third party programs which change the Planetside 2 gameplay in any way unless it has been specifically cleared by SOE.

The above does not apply to user initiated *.INI changes, those are allowed, although setting your own options incorrectly can result in bugs.