Here's the problem. Infintiy Ward and Tryarch think that witholding dedicated servers will cut down on cheating. They could not be more WRONG. MW2 and MW3 are the most hacked games ever played on the internet.
At least with dedicated ranked servers as well as Punkbuster, servers admins can keep their server hacker free. Punkbuster along with PbBans can stream server logs to keep the hackers off other servers.
This worked best in CoD4 and can work again if the two devs would just give us back the dedicated ranked server.
RANKED servers are a must. Like many, I had friends that didn't by MW3 because it did not have this. I took the plunge and wasted $60 on a game full of cheaters. Even though Black OPs was lacking in certain areas, the presence of dedi's made the game a blast compared to MW3.
If that's the case, I'd (personally) rather play on an Unranked dedicated server but that you can still rank up on and just leave out the leaderboards. I don't need a prematch black and white screen on a server. I know players that play one on one at times and then others come and join the server. In other words, if Ranked servers will have the most limitations, at least let Unranked be fully like CoD4/WaW and also still level up - just leave out the leaderboards and such.