Also, recommended read on the topic:
http://www.dailydot.com/esports/ibuypower-permaban-valve-decision-unfair-system/
It's pretty similar to my belief on the issue, which is as follows:
1. Valve is within their rights to ban the players permanently from valve events
2. There is no reason that valve bans should entail bans from all the upcoming giant events- turner league, blizzard mlg, etc.
I honestly think it's ludicrous that the developer of the game gets extra authority over players when they serve no extra administrative function in the actual competitive scene. yeah they donate prize money (an amount that is looking increasingly puny...and which has already been matched by tournaments valve had nothing to do with). so what? if razer or logitech demanded that the ibp people be banned we would laugh them out of town
it's not like riot where valve actually runs the tournament circuit, all they do is interfere in stupid and negative ways (poorly timed updates and map pool changes, stupid rules that no tournament would choose on their own, etc.)