I think pthieving can/could play a role within the mud. but atm it's simply irritating, pthieves are always newb chars played by (presumably) regular players stealing under the cloak of anonymity provided by switching chars.
If it wasn't removed outright, I'd personally like to see restrictions on the transfer of stolen goods/coins between pthief and non-pthief chars, and the ability to rent right after a successful steal.
Along with raising the level requirements for stealing (adding a second higher lev steal skill capable of stealing from pcs and restricting the current low level skill to mobs would do it imo), the stakes could be raised significantly for a pthief, to the point where it's a total decision to play a real pthief char, and not simply to play an annoying newb thief on the side.
On a side note, I still voted no
Edit: Never underestimate the entertainment value in hunting a pthief, if they can't rent.