I don't see any problem with cheating, except generally with multiplayer. The (amusing) exception to this is when a 10-year-old gives you an absolute beating in a game, and you then activate a cheat to get your revenge and regain some dignity. I hate kids, so very, very much. Well, not all of them perhaps.
I'm probably just reflecting earlier posts, but i think the worth of cheating depends on your reasons for playing, and therefore for cheating. I played Baldur's Gate through without cheating, then went back and cheated in a big way just for the sheer enjoyment of being a god. In the second installment, first time through, I used minor cheats such as healing so I wouldn't have to stop and rest every five minutes. This didn't make the game easier to play, it just stopped it from getting boring and taking too long. I used these cheats at the end of fights, not during. In the latest (NWN), I used cheats to test modules I wrote, and to work out how to play other races (such as planar creatures and half-vampires). In Project Gotham Racing (Xbox) I used the "Nosliw" cheat to unlock all the cars as soon as I installed the game. I did this because I bought the game for multiplayer - not for single play ... because going around in circles against the cpu is about as good (for me) as banging my head against a wall - it feels great when I stop. But racing my mates around Fisherman's Wharf in F50s is nirvana. In Moto GP I didn't cheat at all (don't even know if one can cheat), because I race bikes in real life and enjoy the simulation of riding a GP bike on the world's greatest circuits against the world's best riders. In Morrowind, I became a vampire and then activated the health cheat so I could walk around in daylight. I did this because it was amusing, and helped to make up for the downtime of walking for 15 minutes without seeing ANYTHING.
In summary, if a cheat makes the experience more enjoyable for someone WHY SHOULDN'T THEY CHEAT? What right has anyone got to disrespect someone for making a decision (in gaming, and I'm not counting multiplayer) to make the experience more enjoyable for them? By all means you can pay out on us, but we won't care because we can have our cake and eat it too. But to dis someone for it? Well, that would just prove your arrogance and inability to view any perspective other than your own.