The CycloDS uses the "user.evoCheats" file to add cheats. Yes, all cheats will show for existing games.....pick a game, if it has cheats, it will ask if you wish to use them before you boot the game. Select yes and it will show you all the cheats for that game with full descriptions.
The only "slowdown" I've noticed with an 8gig card is that when you go to the games folder, the list might take a half-second longer to load compared an old 2gig Kingston. I imagine that is because the list is longer. Other than that, it still scrolls through the list very quickly.....almost too quick. If you get a Cyclo, you'll see what I mean. Scrolling up and down through any list in a Cyclo is VERY quick.
Since you're coming from an R4 clone, ALL the games and their .sav files will move over to the Cyclo perfectly, so you won't lose your progress in any of the games you already have. I went from a REAL R4 to the Cyclo and that's how it worked for me. ....just a fun tidbit of info....