I think it depends largely on what cheats you're using and for what game.
Personally, I enjoy a legitimate playthrough. There are certain games though that I like having cheats enabled.
Take Borderlands for instance; for the most part, it's an SP based game. You can play online, but you're not really playing against another user (except when you duel, but meh).
My first playthrough was purely legitimate. My second, however, I dabbled with a save editor. Playthrough two was still incredibly fun.
There are games like (just about any within the CoD series) where the only cheats I don't have a problem with are SP/Spec Ops and things such as XP lobbies. It starts getting a bit irritating when someone's constantly using extra sensitive aim assist.