I think all in all, whatever happens from this event, good or bad, will make the game slightly better.
Bad. Some how cheaters find someway to prosper in the game from this event. which inturn will give them a unfair advantage. Atleast they will know what they did wrong and will be able to fix the problem for future events such as this one.
Good. The GMs have thought of every possible situaution and made sure that no cheating of any sort can happen. The current players will enjoy the game more, and the GMs will more than likely continue making events that will be foll-proof.
So all-in-all i support this event, because good or bad something good will come out of it.
Also, the GMs will have the cheater's IpAdresses and will be able to ban them, so that will also help by identifying some of the current cheaters.