I don't think anyone can decide now. Cheating and anti cheat are a bit like an arms race. We have to see how it evolves and make a punishment to suit the crime.... Is God mode worse than infinite money? A fuel hack worse than a speedhack? Is flying backwards cheating or an exploit or part of the game?
Valve have a fairly robust policy, If you are caught cheating you can't play on Valve secured servers on any game in your account.
Thing is it takes about two weeks for them to ban you. So you have two weeks of happy wall,speed,aim hax.