My inspiration for this post is all the TV commercials for www.pbpipe.com and the replacement settlement they are advertising.
Click here to view the official notice
Polybutylene pipes were used by many home builders in the 1980s and early 1990s. It was touted for being easier to install/work with and many times using a manifold system to be able to shut off individual pipes if there were issues.
The main issues lies in the plastic deteriorating over time due to chemicals in the water reacting with the polybutylene. There are many schools of thought as to the longevity of the system. However, this post is meant for education/awareness and not a pro/con PB pipe discussion. To note, many homes have had their pipes replaced already (especially when the original settlement started in the mid 1990s).
As a consultant, I let my clients formulate their own opinions from the facts available. If a buyer points out the gray pipes and asks about them, I do say what they are and then refer them to resources to research. However, many know about them already from family and friends. I have had clients outright tell me it's a "time bomb" plumbing system. If they have not heard of it, they usually find out at the home inspection and then they research and form their own opinion (had a buyer void a contract on one of my listings becuase of the existance of PB pipes which were in working order).
In conclusion, we cannot predict the future. There is always going to be a product or technique that looks good in the short run but has possible issues in the long run. Owning a home is a reponsibility and if you cannot handle the possibility of items going wrong, then as I tell my buyer clients you are in for a long ride.

For those of you dealing with polybutylene issues it may be worth noting that the class action claims deadlines are fast approaching! As many of you may know a home must have a qualified leak before being considered for relief. The leak deadline is 1/31/2009 and the claim filing deadline is 5/1/2009. For more info you can visit www.pbpipe.com and www.polybutylene.com. I've been in the polybutylene replacement industry for nearly 15 years now and will be glad to help you and your clients in any way I can. You can email me directly at polyresearch@yahoo.com and I'll do my best to answer all of your questions and assist you in getting your polybutylene replaced for free!