I'm with Peter Molyneux on this one: cheats and exploits make games a lot more fun for a lot of players and definitely have a place in things (in reference to the Fable II date change exploit). Sometimes you just want to bash the heck out of everything when you're having a bad day. Other times you don't have the time to play your best and just want to have fun.
As for hyper-advanced alien ships... isn't that what the mod-tools are for?
Yes, alien spaceships are definetly something i might try and do whenever it gets released, could be fun.
And yeah, sometimes you just wanna completely obliterate your opponent with insane spells you shouldnt be able to, in any way cast at a early level 
But, cheats can also be usefull for customizition, for an example, a sort of limitless sovereign/faction/unit/whatever-other-non-limitless-editor's-you-might-have-but-havent-told-me-about-or-i-have-forgotten-everything-about.
And, with cheats such as unit spawning, instantly gaining spells and tech's, being able to cast spells anywhere, having unlimited mana/essence, and editing sovereign's and heroes and such , you can make a match even more customized than normal, also, if we can do all this cheat stuff to help your opponents as well, especially with a unit spawner, would a great improvement.
