Just recently a story was published in Germany where they evaded their responsibilities as a bank by clever shifting of responsibilties between eBay, PayPal and the credit-card issuer. So in case of a TV shipped to a identity thief chargebacks were no longer possible (I cannot find the article right now).

Another story where PayPal doesn't provide chargebacks to the customer after paying a non-shipping company:

http://www.heise.de/ct-tv/artikel/Video-Vorsicht-Kunde-80133...

(Update: I had the description and the video mixed up...)