I find that I don't use them as much at higher levels, but they are invaluable at lower (especially for those of us that aren't that great at running away!). I don't think their cheating. Almost any RPG scenario has them. After all, part of the game is the ability to create them yourself w/Alchemy. Technically, I suppose that, if you were opposed to them then the same would hold true for food, drink, etc...
What is the option, really? Die? You can't really outrun most of your attackers in SR anyhow (they chase you). I agree that they probably shouldn't be used all the time (I usually use a heal spell or just hide for a few until I recover - regeneration isn't that slow after all), but are an invaluable tool.
Why I'm collecting Ultimate's now, when I rarely use them, I'll never know, but I have quite an inventory now. I might use the cure disease or poison once in a while, but, honestly, at level 69, I haven't really used a healing potion in a long time, unless I'm up againts a major boss (say Mirrak in Dragonborn).
As to the guy that thought Magika potions were okay, but not health or stamina: Why? Would it not still be cheating? You're still artificially augmenting your regeneration.
Besides, I've decided that my Health, Stamina and Magika potions are flavored: Cherry, mint and milk of magnesia respectively.
Just my thoughts.