While i disagree with cheating online, a way to easily edit the contents of RAM on the fly is imperative for highly accessible or public modification of games in my opinion. The only exception being a way to patch game files at runtime, similar to riivolution. Even then, most of the intuitive modifications that you see now in mods like Project M for example simply would not be possible, or would be much more difficult. To the point that it either wouldn't be worth it, or it would be a long, long ways away from initial point of inception. Unfortunately, editing the contents of ram during gameplay is also exactly what would create cheats to use online.
If anyone can find a way to allow easy on the fly ram editing, or some similar function, without enabling cheats in multiplayer i'm all for it. However, for now i can't think of any. Don't get me wrong here, trust me, i want to keep cheats out of multiplayer just as much as anyone else.