PC game hacks are not going anywhere. It's simply too much of an open system.

Currently, Valve's VAC and Blizzard's Warden suffer from the problem of fingerprinting. If you're competent enough with C/C++ and assembly, and are careful with your hooking, you can easily create working hacks with little fear of being caught.

As gaming moves more towards consoles, you'll see less and less cheating, as the barrier to entry is quite a bit higher.