It looks like Intel is working on an anti-cheat technology, although this is only a research project at the moment and hardly ready for prime time.
The concept is simple: A chipset records all input from the keyboard and mouse at the hardware level -- the game also does the same. If the two doesn't match, then something else is pumping input into the game, and you are probably 'cheating.'
The general idea here is that, if something tampers with input, it should be flagged. Obviously, the game will first have to support the chipset, as it will have to be the one querying the hardware in order to compare the various input streams.
Personally, I can immediately see some potential issues with this setup. One main problem would be with hardware or software that reads or writes to the keyboard or mouse queue. I wrote a hotkey plug-in for Winamp a few years ago (Winamp KeyControl), and I can just see how this anti-cheat implementation will scream murder at every other key press.
Additionally, I am pretty sure it will be hacked very quickly when released anyway.
Anything to say on the current state of cheating in online games? Join the discussion, or get back to your work!