Sony Online Entertainment has posted on the official PlanetSide 2 forum that any form of client-side modding will result in bans.
SOE states, "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."
Exceptions can not be made, the post continues. "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."
Users may also face suspension if they are found using an application that modifies "the windows or Directx environment without changing the client."
The simple rule SOE has for gamers is: "do not use third party programs which change the Planetside 2 gameplay in any way unless it has been specifically cleared by SOE."
In a follow up post, SOE confirmed that "Mumble, Teamspeak, Fraps, and of course Steam, which all use overlays, are expressly allowed. Having an overlay to display information to the user not related to Planetside 2 itself is fine."