"Heartbeats stopped" , "Handshakes failed" and another initialization error,
If you've not played bf2 for a long time, you may not have taken in that damn change where PB started running as a system service rather than a program.
If you run 'services.msc' and have a look for pnkbstrA and pnkbstrB and make sure they are both running
The only other cause I know for the heartbeats message is a firewall blocking either of these two - so check your settings in whatever firewall you have

If you have been able to play (recently) without any issues, I assume after updating PB you restarted your computer?
