Examples of good hacking are often limited to singleplayer in the minds of others, however there are good multiplayer applications as well, if you organize them.
For instance, I had a big pvp battle in the oolacile arena with three of my friends. They were the host, two phantoms, and me, the black phantom. They were playing as normal, but I was at triple health with a really slow straight sword hilt. The catch was that it was cursed, meaning that you'd die in one hit. In doing so, we created a boss battle like experience, and a pvp situation that is fun but not possible with the normal game.
What I'm saying is this: Start using the cheat engine as a tool for fun, and testing out new things within the game's parameters, as opposed to just using it to destroy the unfortunates you come across.
And for those of you unfortunates, know that the bastard with infinite health who just one shot you with a silver knight spear is not the grand representative of the hacker demographic, and that most of us are players who enjoy the base game as much as you, and just want to mix things up a bit from time to time. (In preset situations when it comes to multiplayer, of course)