The reason Bungie stated they patched the last loot cave is that they said players would have had the same/better benefits if they just played the game through. [u]Without a trade system [/u]I don't see why it's a problem. Is this a moral issue for you? For Bungie? Maybe next time I go into crucible I get lit up by an exotic someone wouldn't have without the farm, but that's on me. It will essentially make me a better player going against tougher opponents. Personally I'd say leave it alone.
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My opinion its not cheating. Its kinda cheap but that's on bungie as of right now.