I was also pretty defensive for cwcheat until raing talked me into trying out CMF. It really is a cleaner, more functional, and flat out superior plugin all around. It has a few flaws, but far less than cwcheat.
Ultimately the choice depends on how you want to handle cheats. CWcheat has that single giant database of cheats with new ones being appended on to the end. This was nice when there was a database being managed and if you don't ever change anything. If you added your own or customized any of it, you would have to manually change it all back each time you update or lose it all.
CMF has a few methods, primarily individual cheat files sorted by ID. This makes it so much easier to make changes or add new games without affecting everything else, but it's much more space consuming. It will probably displease anybody trying to get the most out of their 2GB Pro Duo card.
It also stores a table of 100 'slots' that you can save to which has been great for creating my own cheats and retaining them to non-PSP games. I've put together cheat databases for a bunch of the SNES, GBA, etc games that I play and loading them by name makes it very simple.
I'm just disappointed with some aspects of it. After searching for values with CWcheat, you could add them all and it would retain the existing values by default. For some reason you have to set them manually in CMF, which is a huge nuisance if you're adding a massive number. If you're searching for relative values, it only gives you three options on the first search (, or !=) There's also the issue of the font missing characters for on-screen instructions, so I feel half blind trying to figure out the controls.
