I agree that there's useful information in the brain that we can extract. EEG isn't that method. I love fMRI as much as the next guy. fMRI isn't reading "brainwaves". It images a correlate of neuronal oxygen depletion which indicates metabolism and activity.

waves: http://en.wikipedia.org/wiki/Electroencephalography#Wave_pat...

versus this awesomeness: http://en.wikipedia.org/wiki/Hemodynamic_response#Functional...