I'd much, much rather play with a high handicapper (I do all the time) than a cheater. But honestly, as long as there aren't any wagers going around, I couldn't care less if the other guy cheats, as long as he's having fun. He's only cheating himself.
Personally, I hate playing with whiney, angry players who go out expecting to shoot par and end up pouting the whole round because they suck and are on pace for a 120.