I find that its more rewarding to be legitimate with consoles. Especially with the Xbox 360, cause if Microsoft catches you hacking or using a hacked Xbox, you're screwed. They'll ban your account for so long...
It's even worse if you get reported multiple times for cheating or actually get caught cheating. You get all your gamerpoints stripped, any achievements you've earned can't be earned again and you get a tag on your gamertag that tells everyone that you're a cheater. Branded for life.