I use and enjoy lifetime rewards. They only feel like cheating if I use cheats or Master Controller to give them the lifetime happiness points (which I've done, but rarely), otherwise I feel they are a perk I have earned.
I always start with Observant and Steel Bladder, and most sims will also get Fast Learner and legendary Host. I also like Long-Distance Friend and Attractive.
I do like seeing my sims cook and eat food, especially if the household sits down together, but I don't like having their bladder need to worry about, so I can't get them Steel Bladder soon enough!